Zillow Advice: Credit Scores - HELP! I need info on getting loan with poor credit scores due to student loans but have COE from VA http://www.zillow.com/advice-thread/HELP-I-need-info-on-getting-loan-with-poor-credit-scores-due-to-student-loans-but-have-COE-from-VA/283684/ Zillow Advice | Zillow Real Estate To be honest I had your same ... http://www.zillow.com/advice-thread/HELP-I-need-info-on-getting-loan-with-poor-credit-scores-due-to-student-loans-but-have-COE-from-VA/283684/ To be honest I had your same problem, I filed bankrupcy in 04.&nbsp; As for getting a VA loan, to be honest I HIGHLY doubt it's possible because your <a href="http://www.zillow.com/mortgage/">loan</a> will have to be manually underwritten.<br/><br/>As for the FHA, 620 to 640 seems to be the hot spot for lenders willing to work with you.<br/><br/>I have 103k in student loans, and I still got a <a href="http://www.zillow.com/fha-loan/">FHA loan</a> with a AUTO Approval and I swear for 30 days streight the underwriter wanted paper after paper after notary after more paperwork.<br/><br/>You will need to put your <a href="http://www.zillow.com/mortgage/">loans</a> in a 1 year Forbearance, there are lenders that don't count anything after 12 months which is what they did for me!<br/> Thu, 01 Oct 2009 04:07:00 GMT http://www.zillow.com/advice-thread/HELP-I-need-info-on-getting-loan-with-poor-credit-scores-due-to-student-loans-but-have-COE-from-VA/283684/ 2009-10-01T04:07:00Z Great answers below.One thing ... http://www.zillow.com/advice-thread/HELP-I-need-info-on-getting-loan-with-poor-credit-scores-due-to-student-loans-but-have-COE-from-VA/283684/ Great answers below.<br/><br/>One thing I've noticed, which I'm sure other <a href="http://www.zillow.com/directory/lenders/">lenders</a> have, is how badly your credit is hit when you miss payments on a student loan.&nbsp; They usually report the <a href="http://www.zillow.com/mortgage/">loan</a> on credit as if it's multiple <a href="http://www.zillow.com/mortgage/">loans</a>, so when the borrower misses a payment, it shows they missed payments on multiple loans.<br/><br/>Probably a topic of another discussion, but it seems a little scandalous to me.&nbsp; <br/><br/>FYI for the author, it is difficult to get a FHA or VA loan if you show late payments after a Chapter 7 bankruptcy.&nbsp; Not impossible, but it is an underwriter's discretion.&nbsp; You'll want to work with someone who will help you draft a good Letter of Explanation.&nbsp; This is where you have a chance to explain personal problems that lead you to missed payments and how they were out of your control.&nbsp; You also have to show you have separated yourself from that problem and will be able to pay on time from this point on.&nbsp; A year of on time payments on all credit accounts is usually necessary as well.&nbsp; <br/><br/>Good luck! Wed, 30 Sep 2009 20:59:00 GMT http://www.zillow.com/advice-thread/HELP-I-need-info-on-getting-loan-with-poor-credit-scores-due-to-student-loans-but-have-COE-from-VA/283684/ 2009-09-30T20:59:00Z 1)If your student loans went ... http://www.zillow.com/advice-thread/HELP-I-need-info-on-getting-loan-with-poor-credit-scores-due-to-student-loans-but-have-COE-from-VA/283684/ 1)If your student <a href="http://www.zillow.com/mortgage/">loans</a> went into default instead of deferrment for financial hardship then you must bring them out of default and make payment arrangements to re-establish the accounts; student loans are a government entity and VA is as well so default on a government entity eliminiates eligibility. 2) The student loans will also count as a monthly payment to your debt ratio&nbsp;so they will not be ignored even if not in default&nbsp;3) You could try to get in&nbsp;&nbsp;lease with the option to buy but beware if you are not able to buy in the set period of your contrat then it is very likely you would lose your downpayment on the lease opion contract 4) You will qualify on only your income and I am not sure if a veteran with no income can get a <a href="http://www.zillow.com/mortgage/">loan</a> with just the spouses income so check into that.<br/>5) Mostly keep your ears open and focus on your goal by resolving the issues a loan offcer tells you must be resolved. GOOD LUCK Wed, 30 Sep 2009 19:46:00 GMT http://www.zillow.com/advice-thread/HELP-I-need-info-on-getting-loan-with-poor-credit-scores-due-to-student-loans-but-have-COE-from-VA/283684/ 2009-09-30T19:46:00Z MichelleFind yourself a good ... http://www.zillow.com/advice-thread/HELP-I-need-info-on-getting-loan-with-poor-credit-scores-due-to-student-loans-but-have-COE-from-VA/283684/ Michelle<br/><br/>Find yourself a good VA <a href="http://www.zillow.com/directory/lenders/">lender</a> in San Diego.<br/><br/>Martin was correct in alot of what he said.&nbsp; You need to work with a lender who will work with you to help you clean your credit up, and also counsel you for future homeownership.<br/><br/>Both of the above will prepare yourself for ownership down the road, but unfortunately not now.<br/><br/>Good Luck. Wed, 30 Sep 2009 18:26:00 GMT http://www.zillow.com/advice-thread/HELP-I-need-info-on-getting-loan-with-poor-credit-scores-due-to-student-loans-but-have-COE-from-VA/283684/ 2009-09-30T18:26:00Z Dear PC in SD,CA is loaded ... http://www.zillow.com/advice-thread/HELP-I-need-info-on-getting-loan-with-poor-credit-scores-due-to-student-loans-but-have-COE-from-VA/283684/ Dear PC in SD,<br/><br/>CA is loaded with a monster backlog of housing inventory.&nbsp; Be patient with what you need to do to prepare for home ownership. Most <a href="http://www.zillow.com/directory/lenders/">lenders</a> are not warm and fuzzy to you simply because you would not be able to close and so they will not be paid.&nbsp; We are not paid to give advice either, but do it to help.&nbsp; The only thing you have currently to prepare for ownership is the "want" to own.&nbsp; If you apply for a <a href="http://www.zillow.com/mortgage/">loan</a> and show you have not paid, the others, what will that tell the lender? If you&nbsp;or your hubby in unemployed, what would the "means to repay be"? You write that you are loyal, but your credit score says otherwise.&nbsp; I am not being harsh, I am being honest.&nbsp; Someone in CA will court you and take your money and waste your time being "nice to you". If you are ready to work hard to reach your dream, contact the chargeoffs and get settlements.&nbsp; Start saving money, save 10% of your home price.Know where every dollar goes.&nbsp; Bduget for 30% or less of your Gross monthl income to be your <a href="http://www.zillow.com/mortgage/">mortgage</a> PITI&nbsp; payment. Make sure all of your debts do not exceed 45% of your gross income.&nbsp; Sounds hard..?&nbsp; It is to a point, but is really just discipline.&nbsp; We are cleaning up what was easy. Do not Finance a home until you can be approved for an FHA or CONV loan... if not.. chances are..... you will repeat what others have done in front&nbsp;of you.. I would caution agaist the CREDIT CLEANUP PATROL..&nbsp; You need written settlements to really rid the bad scores.&nbsp; Good luck and I wish you well.&nbsp; CA Real Estate will drag for a while (like FL) until WAGES increase... :) Wed, 30 Sep 2009 10:52:00 GMT http://www.zillow.com/advice-thread/HELP-I-need-info-on-getting-loan-with-poor-credit-scores-due-to-student-loans-but-have-COE-from-VA/283684/ 2009-09-30T10:52:00Z