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what type of credit score do you have to have?

My husband and I are just coming out of a buckle from falling behind on a few bills that have hit our credit and dropped it. We both make well over enough to pay our bills and be able to afford a decent place to rent and have left over. I am a SPC in the Army and he is a over the road heavy hauling truck driver. We have a baby on the way and want to have a nice clean place but I am afraid our credit will affect this.
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November 11 2013 - Harker Heights
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First and foremost thanks for your service to our nation from one Veteran to another. As a Texas veteran there are 2 programs to consider one is the TX land Veteran program or VA. I am able to help you find and qualify for the correct loan as we are a portfolio lender in that we would make the loan and service it also.

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November 12 2013
Ideally you would like to be at 620 for a credit score at minimum.  Obviously the higher the score the better the rate will be as well as your borrowing power.  In some cases you can go as low as 580 though but know that you will have to take a higher rate as a result.  If you have a copy of your credit report I would advise showing it to a local lender to see if they can offer suggestions on how to get your score higher.  Good luck. 
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November 12 2013
Credit and Credit Score both have requirements. As far as score, It's pretty typical to see a required 640 middle credit score requirements from the lowest middle of both borrowers for VA. You will find a few lenders that will have options for as low at 600. There will be a few limitations but most can easily meet them.

Credit will require judgements paid and collections not to exceed $1,000 total. You will also need some time between any bankruptcies and foreclosures as well.

Good luck!
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November 12 2013
Melissa,
Congratulations to you and your husband w/ your baby on the way.  How far along are you?  Is this your first?  Do you know what your expecting?  Your welcome to just message me these answers if you desire.
What are you two looking  to achieve and by what time frame? Lease or Purchase?  I would assume purchase a home, however I have learned never to assume.  Either way you need to have a trusted Realtor whom is very familiar w/ possibly credit challenges,  If purchasing you will want to be referred to a mortgage lender w/ an excellent reputation whom is able to work w/ any credit challenges you and your husband might have.  It may take a bit longer than you desire, but a honest Realtor working together w/ a lender should be able to tell you this w/ a plan escalate your goal of becoming a home owner.  
Besides the traditional ways of purchasing a home, there are also non traditional such as Lease to Purchase, Owner Financing & a few others.
While I am in GA I have many many contacts in Texas as well.

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Thank You,
 Kevin 
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November 12 2013
Profile picture for shapiroamg

If you are looking to purchase 620 or 640 seem to be the general low score that is acceptable.

If you are back on track it may be wise to have your credit checked and make sure you are at the minimum.

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November 12 2013
 
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