Profile picture for BIRDY PIE

I am a Vet[RET], using my VA Cert. Credit scores:599/648/582. ? can't I get financed?

I am not understanding what's happening, but it seems when you mention VA the lenders give you the run around. I thought I was using a reptable lender, and they are stalling and I was sent to another lender by the Realtor, same situation, I offered to pay full price with seller paying up to 6% of closing, we haven't heard anything in 2-3 weeks, I don't mind the wait, but what else can I do? Need advice!
  • July 27 2010 - Anderson
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (6)

I just had to do my buddy's VA loan because he was turned down at Navy Federal with a 660 score.  The only reason I could figure out they denied him is that he had a Dish Network collection 8 months ago.  I can't imagine they will approve a 599.  Do you have any credit cards that are over the limit or maxed out that you can pay down to below 50% balance?  That will usually give you a 10-30 point score improvement. If you can get either of your low scores up to a 620 most brokers can get you approved.  Expect a 30 day close after that.

Hope this helps.

Paul
  • July 28 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Good advice Kelly!

Nathan, looking at NavyFCU rates for VA loans, it doesn't look so hot, 4.375% with 1.125 discount and 1 origination point.

VA Rates / Navy Federal


@Steve, your statement is completely wrong.
 
A lot will depend on which credit score is from which agency.
  • July 28 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Though VA doesn't require a minimum credit score most lenders have their own credit overlays so it may take a few phone calls.  VA does require a clean 12 month history on your credit report, though, so if you don't have this you'll have to wait until you do.
  • July 28 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for BIRDY PIE
As I stated I don't mind the wait, and I know the VA, or any Gov't branch is slow about getting to the busy at hand. To SteveNeuen, the credit scores were from Experian....599, TransUnion...648, Equifax...582. Thank You "natewolf" for the info.
  • July 27 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for natewolf

Call a local bank or credit union. They will most likely have to make an exception based on your 599 middle score. VA takes time. And the value in the wait is that they offer 100-percent financing. Try also calling Navy Federal Credit Union. You can google them for their phone number. They l-o-v-e VA Loans, and they are very capable to make it happen quickly. As a VET, you are eligible to be a member of the NavyFCU. As a member you get their best rates. You only have to be a member/retired from ANY branch of service, not just Navy.

  • July 27 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I would keep working through your agent.  He/she should be on top of this and helping you as you go along.  It sometimes takes 3 or 4 bites at the apple to get success.  A lot will depend on which credit score is from which agency.
  • July 27 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.