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credit score

My husband and I found a house to purchase brand new. Well we have been told by different agents that we at least need a credit score of 620 or better to get approved. We have the total income of 75,000 which 1 agent said we can afford to buy a house at least 400,000 and with a payment of 2500 a month. Well my husband is a Veteran and has his COD letter but or credit score is 520 and we are trying to get the scores up.aare there any mortgage companies in the Virginia area who can help us get a loan using my husband's VA with our credit scores so low.
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June 24 - Chesapeake
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Answers (7)

Ma'am,

Thank you and your husband for your service to our country. It sounds like you are working with some good real estate professionals who are giving you solid information. Most lenders will not work with scores below 620. However, some lenders weigh the totality of each borrower's situation, rather than rely on the credit score as the primary criterion.

The answer to your question is, YES! I have helped many families who have been turned down by other lenders achieve their goal of homeownership! Please contact me personally for more information.

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1 day ago
You should of worked on the financing prior to looking for houses, visit any local lender and complete their loan application to see if your pre-approved.  
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July 04
There are people and companies that professionally help you rebuild your credit. I would seek one out to help. Sometimes it is not the current, but past ghost of your credit history that can haunt you present credit score.

Another is that 520, a lot of banks will help you with a 580 fica, then there is your debt to earning ratio.
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July 04
It would be worth your time to take some steps to improve your credit score.  If you currently have a lot of debt, reduce it.  I know, it's easier to say than do ... but that's probably a lot of it.  

If you haven't been making your payments on time, consider an auto-pay feature.

If you have a big item in your way (like an unpaid medical expense), you should get the help of a financial consultant who has some experience with this type of thing.  

A higher credit score, though, is going to be important to you later on.
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July 04
All good points.  We are licensed in VA and I can certainly have our credit expert review your report and get you educated on your options.  

Feel free to reach out to me anytime - [Contact information removed by Zillow moderator. Please see our Good Neighbor Policy.]
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July 02
Scott makes very good points, a good lender will help you improve your scores...in general, the higher your scores, the more mortgage options you will have to choose. Feel free to contact me through my profile and I would be happy to help you begin improving your scores.
Best Wishes, Jim
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June 25
VA will be tough, your best bet is to find a lender that provides FHA mortgages for people down to a 580 FICO score. Once you buy the home then you can look into refinancing into a VA once the scores are above 620.

A good lender will pull your credit and first see if there is anything you can do to boost your scores right away to get into the VA program. Wish I was licensed in Virginia or else I would offer to help!

Good luck and best wishes!
-Scott
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June 24
 
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