Robert H. Ashburner, Jr.
2809 South Lynnhaven Road, Suite 200
Virginia Beach, Virginia 23452
This is meant with all due respect, and thank you for your service to our Country..
With those credit scores, chances are that you will have a very difficult time finding a lender who will approve a VA loan for you. Don't let anyone lead you on.
Your best bet would be to work with a reputable lender who can counsel you on what and how you can improve your credit. You will need at least a 620 middle score. I tell you this as a lender with more than 30 plus years experience.
Your best bet would be to initially rent while you are working to improve your credit.
Please contact me if you have any questions. The information is confidential and free.
Wayne Lee Brown
SecurityNational Mortgage Company
NMLS License # 343946
Company NMLS # 3116
Brian Young 214-797-3479
That can be a tough one but since you are going to be stationed here for a long period of time we may be able to help. We first would need to get you qualified with a Mortgage Broker who knows what he is doing. I know a great guy I can recommend. He just closed an FHA loan for me in less than 30 days and he is great with VA.
How long has it been since your credit was pulled and is there a good reason why your credit scrore is so low. If there is a good reason sometimes it can be explained or repaired. You also may have to pay a little higher rate but at least you will own your home and can build equity rather than just handing it to a landlord. Plus with a loan you get tax breaks which your accountant can help you with.
As to price we need to know what areas you are looking in and if you can afford it? This is a process that make take time but is not impossible.
There are a lot of questions we need answered before we can move on but I would not just give up.
Thank you for defending our country and whatever you decide I wish you the Best of Luck!
I sincerely appreciate your service, and I don't have a dog in this fight, but I can tell you what Mr. Wayne Brown posted previously is by far the most accurate and useful information posted amongst the replies you've received to date.. I am on the East Coast, where it appears you are orginally from, and I don't know Mr. Brown from a hole in the ground, but I have 20+ years in the lending business (plus Mr. Brown's 30 years is 50 years talking to you). I work for a large and reputable lender in the East.
Hint: My company is the name of a stadium where a pro sports team who won a pretty big game yesterday plays during the regular season.
A 620 score is required, so getting it there should be your top priority, and just because you get it there doesn't mean you will definitely qualify at that time...please realize that most of the other posts are commercials and/or providing inaccurate information.
I highly recommend Glenda Meyer for VA loans, she is a professional in every way.
Here is a link to her information http://sandiegohomeloans4u.com/
Best of luck,
Mark & Kari Shea
Shea Real Estate
National Association of Realtors
CA DRE License 01713506
As everyone else has mentioned getting your lender in place is the first order of business. There are some good VA programs out there. I reccommend you contact several lenders and see what they can do for you. Then choose your agent.
I would suggest as well that you consider renting while you rebuild your credit. Even if you slide into a loan with a borderline score you won't be in a position to negotiate a favorable rate. In six months you can do a lot to improve your score by continuing to reduce your consumer debt and have 2 more fiscal quarters of on time payment history for utilities, car payments etc. At that point you will have more leverage on rates. Given the general economy and the Feds desire to maintain the housing recovery rates aren't likely to be raised in the next 2 quarters.
Another benefit to waiting is we are currently experiencing a lack of supply so their are often multiple offers on properties. This is driving prices up and people aren't necissarily making a reasoned decision on purchasing. There's no guarantee supply will increase in 6 months but my crystal ball guess is that it will. That will give you more options to choose from and more likelyhood your offer won't have as much competition. If you would like I can set up a search and send you properties that meet your criteria so you can get a feel for the market.
Hope you transition smoothly and enjoy your new post. My daughter was stationed here on the USS Bonhomme Richard and is now a recruiter in Nevada. She's a lifer. I liked San Diego so much, I stayed! Semper Fortis!
Is March the first time you will be in San Diego? That is a key consideration so you can get out and see homes. Houses are selling pretty quickly and a fixer upper combined with a VA loan is tough other than cosmetic fixers because VA has certain standards that the homes they guarantee. Basically, if you aren't paying cash, the "purchase a fixer upper home in San Diego with equity" isn't happening under VA guidelines.
So my point is, having someone guiding you who is knowledgeable and will tell you the truth is going to help you the most, not someone who will tell you what you want to hear just to get your business to make a sale. It would appear that Daniel and Wayne are a good start on the loan side here. It is great that you are getting your ducks in order. Get your loan situation in shape (perhaps with them) and then bring in solid realtor who will find that right home for you.
CA DRE 01775528
We need a credit score of at least 600, but you are close. I am sure once i see your credit I can suggest how you can get those scores increased. I would love to talk with you !
Glad you were able to make savvy decision and getting back on track.
I have THE best lender specialized in VA and FHA loans.
Please call me immediately and I will be happy to connect you with him.
He just closed 2 transaction with my clients and I was impressed with him professionally and in terms of how quickly he was able to take care of my clients.
$280K for a small fixer is a good enough price for a home in few areas in San Diego.
Call me or email me quickly to get started!
VA doesnt put limits on credit, but most banks have overlays where you have to have a minimum fico score to be approved. Typically the ones that dont, you dont want to deal with anyways...
If your score is a 570 or 580, you are probably out of the window of eligibility, BUT, there are things that you can do to fix the score in a relatively short period of time and get where you have to be.
If you would like I can take a look at your report and give you some advice. I was in the Marine Corps for 5 years and do a lot of VA lending, and know my way around VA loans and credit repair like the back of my hand. I understand DFAS, LES's, BAH, BAS, etc...
Drop me an email and I can get a copy of your report and advise you on where you have to be.
If you have any questions, I am here to help in any way that I can...