Profile picture for Balsey

100% Disabled Vet looking for mortgage

I was just recently 100% medically retired from the Army this past February and was wondering how long do I have to wait to look for loans.  I am also going through a divorce right now and my credit score is a 525 (hopefully everyone can put two and two together...).  Have been working on my credit, only have 2 items left that are in dispute, waiting for the others to drop because of disability clauses.  I also have one 60 day late payment in the last 3 years on my car note because when I got retired, the va pay did not kick in for 60 days.  

Any information or help would be greatly appreciated.

V/r,
Balsey De Witt 
  • July 13 2012 - US
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Answers (2)

Profile picture for Tommy Yankovoy
From what I can gather, you can probably get a mortgage once your score is high enough which is usually a midscore of 620.  You might find some lenders out there that can do midscore of 580. 

If you are looking to buy a property in Texas you will have to wait till you get a your divorce decree, otherwise your spouse will sign on the house as well due to laws specific in Texas.

I would recommend paying down your highest revolving debt (credit cards) ASAP.  Also, try to go to your local bank or credit union and get a SECURED credit card for $500 or $1000 if possible.  This will help you build positive credit back on your report.  Use it at least once to make it show on your credit, also the interest fees are pretty high so don't buy anything expensive.  Pay it off asap, then store the card somewhere and leave the credit line open at your bank.  This will offset your negative balance of credit.  I would double check to make sure there are no annual fees associated with it as well.

If you have any other questions, let me know.

Tommy
  • July 15 2012
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Thank you for your service. I would suggest you go to Professionals tab above and locate a Zillow loan officer in your area/state and discuss your scenario. It may not be possible to buy now, but hopefully as credit issues are resolved you can get pre approved for a purchase in the near future.
  • July 14 2012
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