credit score 550, is there any hope

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Own 2 houses in california and 1 in Guam (positive income). Currently living in Maryland. One house is going under foreclosure/shot sale in CA. Was stationed overseas since I bought this one house and never lived in it, what options do i have if any? I spoke to a couple loan officer and pretty much said your done. I feel I can still do it and bring my family to MD from CA. Any advice? What's the minimum score for a VA loan?

adonis · Posted: Fri Aug 29, 2008 1:16 am Post subject:

Welcome Rudy,

The minimum score that you require in order to qualify for VA loan is around 580. But VA loans are not strictly score driven. However, you need to have 12 months of clean credit record.

jameshogg · Posted: Fri Aug 29, 2008 1:20 am Post subject:

Hi Rudy,

Are you trying for a short sale in order to avoid the foreclosure? Are home prices in your area on a decline? Looks like you don't want to retain the house in CA. So, what you can do is, have a talk with the lender and if he allows you to do a short sale, you may go for it. At least you'll avoid the credit hit that a foreclosure can bring upon.

Since you're don't seem interested in keeping the CA house, therefore options like an alternative repayment plan or loan modification will not work for you. You'll have to negotiate with the lender for a short sale or else a deed in lieu . By the way, have you sent him the hardship letter for negotiation?

Thanks

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