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Is there a lender who will work with us having credit scores of 620?

My husband has been medically retired from the Army.  We are looking to buy a home in Dallas in the next few months.  He is currently getting retirement pay, I work and he gets additional money from the VA because he is in school full time because he can no longer continue in his same career.  Is there a lender who will work with us having credit scores of 620?
  • August 21 2013 - Dallas
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Answers (9)

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  • February 16
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I can help get you taken care of with those credit scores and property location. 

Please feel free to give me a call to chat.

Thanks.
  • September 20 2013
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We are VA direct lender and go down to 620 in house but can go lower with compensating factors as we do Manual Underwriting on VA loans. I am a Vet and just closed my VA loan here in DFW. Let me know if I can be of assistance. You can click on my profile and contact me direct.

Best Wishes
  • August 21 2013
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Most lenders will want a minimum of 620 for a credit score so your there. I would still recommend though to raise your credit score, it will only be to your future benefit. The most effective fixing your credit score is to pay your revolving credit card balance and debt. If there is a collection on your credit there isn't much that can be done in the short run. It is best to pay back any collections as soon as possible. So as time goes on the collection will become more insignificant to your credit score and will help it become a better score. Also a VA loan would be great for you because there is no required down payment along with competitive closing costs and rates.

I hope this helps! If you found my comment helpful, feel free to leave a review on my page.

Good Luck!
  • August 21 2013
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We can help you with a VA loan.

You must have suitable credit, sufficient income, and a valid Certificate of Eligibility (COE) to be eligible for a VA-guaranteed home loan. The home must be for your own personal occupancy. The eligibility requirements to obtain a COE are listed below for Service members and Veterans, spouses, and other eligible beneficiaries.

What Are the Benefits of a VA Loan?

There are many, as taken directly from the Veterans Affairs site:

  • No down payment required (unless required by the lender or the purchase price is more than the reasonable value of the property).
  • Buyer informed of reasonable value.
  • Negotiable interest rate.
  • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5 percent and exemption for veterans receiving VA compensation).
  • Closing costs are comparable with other financing types (and may be lower).
  • No mortgage insurance premiums.
  • An assumable mortgage.
  • Right to prepay without penalty.
  • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
  • VA assistance to veteran borrowers in default due to temporary financial difficulty.

  • August 21 2013
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Also, be aware that the retirement pay will be allowed to be used as income but the money he gets for the schooling will not be considered as income on a VA loan.

  • August 21 2013
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My company works with 620 scores.

  • August 21 2013
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Credit scores are not necessarily the complete answer.  The history of the credit plays a very important part in credit decisions (i.e. collections, late pays, foreclosure, bankruptcy, etc.)
  • August 21 2013
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There certainly are.  The VA product is going to be your best loan with those credit scores.  I can go down to a 580 on VA loans.
  • August 21 2013
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