Profile picture for kmann1965

im a 60% disability war vetran my credit score is 520 whats my best option forr a loan

i have a va p.o.e certificate already that has $8,000.00 left available. should I try to rent to own instead
  • January 08 2014 - Sacramento
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Answers (6)

Credit scores vary depending on who is running it.  Your disabled vet status should make getting a loan easier, but the only real way of knowing is to let a lender run your credit, that way he or she can tell you exactly what you need to do to get a loan. You said you were at 520, so really got nothing to lose in trying, good luck!
  • January 10 2014
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It's absolutley worth the time to get your credit fixed up working with a solid mortgage broker. This will pay dividends for years to come and help you buy a house so much easier with a much better interest rate. It probably won't take that much effort to get it in the mid 600's.

Now get to work!
  • January 09 2014
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Unfortunately, those scores a bit low. I recommend that you first spend some time raising your scores to at least 580. There are lenders like myself out there that can go as low as 580, and sometimes 560 for VA loans. Although, if you do spend some time fixing your credit, you will be in a much better position that will allow you more flexibility. The simplest way to fix your credit is to pay off your debt and revolving credit balance on time. Then soon enough you can get your score up to 580, or better yet 620. Once you are in this range, you will have more options open to you. Either way, the best thing for you to do is to speak with a lender directly to see if you can get started on financing with your situation. There are lenders like myself that would be glad to speak with you to help you get the loan that you need. There would only be a few more details needed to sort out your situation. 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!
  • January 09 2014
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Why don't you give [deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]  He is a mortgage broker at            Mortgage, and he can go over all of your options with you. You should also look at why your FICO is so low. Have you been delinquent in making payments or was it just a string of bad luck?

As for rent-to-own programs, they're pretty much a ripoff for buyers. You'd be better off renting and saving your money to buy a new home a few years down the road then getting into these kinds of situations.
  • January 09 2014
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Profile picture for JustinLeffew
I'm assuming you mean your COE or Certificate of Eligibility? Some lenders will go down to the upper 500s on score. I would recommend working with a credit repair agency to bump that score up closer to 600.
  • January 09 2014
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Profile picture for pwarren52
I would suggest that you find a reliable but helpful lender.  The credit score pulled by a lender may differ from a source from whom you're getting your 520.  Typically you will need a 620 at most lenders; but a good lender has tools to project how to get your credit score raised.  It could be to pay down credit card balances, making future payments on time, having inaccurate reported data removed from your credit report, paying off collection accounts, etc.  Many lenders I know would be willing to help.

On lease purchase agreements, there are some real negatives for a buyer but not many for a seller.  For lease purchase (or rent-to-own), a buyer will need 3-5% to put down in good faith.  This can be applied (if in the contract) towards the down payment but, if a buyer still can't qualify for a loan at the end of the option period, the option fee is nonrefundable:  to restate, you lose that money.  If you'd like more detailed info on lease purchase agreements, email me and I'll give you the whole low-down.
  • January 08 2014
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