1st of Thank you to all that answered my previous post! It helps! I have one other question a few

Asked by Sirena, Aurora, IL Fri May 8, 2009

really..Credit score is 655, should we get preapproved now using a VA loan? or should we wait? Should we pay off the 3credit cards ea under 500.00 Would that help the credit score? Should we hold off on the preapproval, and if we do get preapproved now can we try again in a month or two? We are looking to have a home by Sept. We will be first time buyers, would all the benfits apply to the VA loan as well?

Help the community by answering this question:

+ web reference
Web reference:


Carmen M. Ke…, Agent, Palos Park, IL
Fri May 8, 2009
Being able to buy with a VA loan is AWESOME!!! You are able to buy with 100% financing. That means all you REALLY need is the minimum, the money for the earnest money and the money for the home inspection. As far as the closing costs, I am VERY good at getting the seller pay the closing costs with creative financing. VA is a wonderful loan as it is the ONLY loan that you do not have to pay private mortgage insurance, PMI! I do work the Aurora area, if you do not have a Realtor. I also can put you on an email program that sends AVAILABLE listings to your email as they are listed or reduced in your price range. If you are interested in my services or have any questions, feel free to contact my cell, 708-533-0515 or email me at trulia@CarmensHomes.com. I have worked with a lot of VA buyers so, you won't be sorry you hired me to be your Realtor. I have references too if you would like. The best thing too is that my services to you are FREE! Yes, that is right! The seller pays my commission. This is the best time to buy, as with the $8000 FREE money you get for buying a home $80,000 and up is only available this year, but you must buy a home and close on it before December 1st. September is even better! I look forward to hearing from you, Sirena.
Web Reference:  http://www.CarmensHomes.com
0 votes
Daniel A. La…, Agent, Aventura, FL
Fri May 8, 2009
Wow, it sounds like you'll have some great advantages for using a VA loan and yes, you would be eligible for the 1st time home buyer tax credit. Are you working with a realtor yet? I would love the chance to help you out with your home purchase if you are not using anyone else. If you like I can create a specific search tailoring to whatever you're looking for in a home and look forward to the opportunity to help you! Please feel free to email or call me directly, as all of my contact info is listed below. I look forward to working with you and hope this helped.

Daniel A. Lamas, CNS, CMS, TRC
Licensed Real Estate Professional in IL & FL
Coldwell Banker Residential Real Estate, LLC
967 West 75th Street
Naperville, IL 60565
(305) 776-6993- Cell
0 votes
Kurt Clements, Agent, Schaumburg, IL
Fri May 8, 2009

Like David said, the score is fine. If for some reason you want a higher score, then yes pay off the cards (but don't cancel them). However do this after you purchase your home. Save your money for closing and for whatever else you need after you purchase your home.

I would definitely secure your pre-approval now, whether it's thru us or David or whomever. You will still qualify for the first time buyers tax credit.

Kurt Clements
GSF Mortgage
3933 75th St
Aurora, IL 60504

Office: 630.806.7016
Cell: 630.430.1091

0 votes
David Cruick…, , Palatine, IL
Fri May 8, 2009
Your credit score is fine for a VA. I have a VA lender that accepts no minimum credit score on a VA loan. If you are not over 50% of your total credit line on those cards I wouldn't worry about it too much. Keep your cash you will need it for moving in. I usually pre-approve my buyers well in advance and then they know what you can afford. This helps everyone: you, me and the Realtor instead of everything being done last minute and if there are a few little problems there is ample time to get things straightened out for a smooth transaction. Between the pre-approval and closing just don't open accounts, put stuff on cards etc.

The first time home buyers tax credit will apply regardless of loan type. You will be eligible for the credit. I have a flyer with an FAQ on the tax credit and can send it to you if you would like.

Please let me know if I can help you with the loan. I have a great deal of experience with VA loans

David Cruickshank
Ardain Mortgage Corp
0 votes
Search Advice
Ask our community a question
Home Buying in Aurora Zip Codes

Email me when…

Learn more