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Guest

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

Guest

is there any way to get mortgage everthing is medical on my credit file

adonis · Posted: Mon Jan 26, 2009 11:50 pm Post subject:

Hi becky,

With such a low credit score, I don't think lenders will agree to give you a mortgage. You should first try to improve your score and then apply for mortgage. To know more about how to improve credit score, check out the following page:
http://www.mortgagefit.com/credit-rating/credit-repair.html

eric1 · Posted: Fri Jan 30, 2009 6:05 pm Post subject:

Becky, it may not be impossible. It all depends upon how much debt, your actualy score and the rest of the loan scenario.

msnover92571 · Posted: Tue Feb 10, 2009 12:18 pm Post subject:

It will come down to how much debt you have and ur best bet is either wait and fix ur credit or get a loan at a higher interest rate with fees.

Guest

my credit score is 560 can i get va home loan with only medical bills on my credit report.

Garysnober · Joined: 17 Mar 2009 Posts: 450 15.29 Dollars($)

Hi Joe, It will be hard i think the best bet would be to try to get your score a little higher. Do you have any loans/cc?

Guest

i live in a pole barn for now on 7 years i have 8 accres and i want to get a modular home there is my wife and son here but my credit score is only 550 my incom is 60,000 a year and my wifes income is 30,000 but we had some hard times several years ago

Guest

does anyone have any advice for me

adonis · Posted: Tue Sep 21, 2010 12:29 am Post subject:

Hi dana,

With a credit score of 550, you won't be able to get a mortgage to buy a modular home. You'll have to improve your credit score before you apply for a loan. You can check out my post above in order to get a page to know steps to improve your score.

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credit score 550, is there any hope