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Need a VA loan

I have a Transunion score of 605 and Im looking for a VA loan for home purchase. I had some issues in 2009 with late payments etc because I started my own business and it didn't get off the ground like I thought it would. Those were either dealt with or are now past the statute of limitations in my state. I have no debt other than student loans and a small credit card, that I basically use to rebuild my credit with, both are paid on time. I make roughly 5K a month with a 15-20K bonus at the end of the year, plus my wife's income of net $2300 a month. Someone point me in the right direction. Thanks!
  • September 26 2013 - Raleigh
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Answers (13)

I do VA loans our minimum is a 580.  Typically no late payments in the last 12 months, so as long as 2009 was the last time you had some lates it should not hurt you. If you want more details or have more question feel free to message me.  Good Luck!

  • February 06 2014
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Thanks for all the responses. I just have a couple of other questions. What types of loans can I get through the VA? Do they just offer the standard 15 or 30 year or can I get an ARM, 40 year, etc?? Also, I want to find a mortgage calculator so I can plug in the numbers to get an accurate payment amount. Will I need to know what my FICO score is to get the interest rate I qualify for to get an accurate monthly payment? Or is there a chart somewhere that has that info? Also, how much difference will I see in rates with a 620 FICO and a 700 FICO with a VA loan? Thanks!
  • October 22 2013
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I am .[self promotion deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]

William Allen
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  • October 10 2013
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We can go as low as 580 at 100% financing and 530 with 10% down.

Contact me for details.

We are a Federally Chartered Bank that has been open since 1905.
  • October 08 2013
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Profile picture for DavidStallings
We can work with you, we do VA loans with a 600 minimum score.  As long as you can prove 12 months rental history, you would appear to be eligible. 
  • October 07 2013
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Call a local loan officer.    You might want to ask him how many VA loans he has completed in the past 6 months.    
  • October 03 2013
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Call a loan officer.    You might want to ask him how many VA loans he has completed in the past 6 months.    
  • October 03 2013
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Hello User,

Your scenario is not out of reach. I would be happy to help. You can see that two of my most recent feedbacks on my profile are from satisfied VA customers.

All The Best!!
  • October 03 2013
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Profile picture for DFisherBroker
You want to find a Mortgage Banker who regularly writes VA loans and understands the details.  Your situations seems like one that would meet the VA funding requirements. I can recommend lenders if you desire. If you appreciate an answer, please give thumbs up.  For the most helpful answer, please say thanks with a best answer click.
  • October 03 2013
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Profile picture for MaryKayClapp
  I can refer you to the wonderful woman that help my husband and I with our VA loan last year.

Mary Kay Clapp
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  • October 03 2013
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I can offer VA loans with as low as a 530 FICO. The issues from 2009 shouldn't be an issue. Feel free to contact me through my profile if you wish to discuss further.
  • September 28 2013
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Your credit score would still be acceptable for a VA loan. For example, I have been able to give out loans for a VA mortgage with credit scores as low as 560. But since 2009 how has your payments been? It's important to realize that your income, credit score and history are all important but there are other factors that are looked at as well. I would suggest that you speak with a lender like myself. Lenders would be happy to assist you to see if we can help you get the mortgage you need!

Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me!

Good Luck!
  • September 27 2013
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Most lender run credit reports through Kroll Factual Data. There is software built inside of the program called CreditXpert. You can tell it you want to increase a borrowers fico score by say 50 points. This program will run the scenario and tell you what you can do to boost the fico. Most loan officers are unaware or do not even have access to this software. Reach out if you need me to help. It's a very easy process. Thank you
  • September 26 2013
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