Posted on: 07th Nov, 2009 02:20 pm
I registered with MyFico.com to keep track of my score. Last month my score was 536 and today it's 566. It's going up slowly but surely...I've taken out 2 secured loans to help my score. The $50,000 is a first time home buyer grant as a down payment.. I'm also a veteran....Do I have a better chance at getting a mortgage using my VA loan?
>>Do I have a better chance at getting a mortgage using my VA loan?
Yes and No. From a pure VA perspective, the answer is "yes". But with this credit crisis most Lenders have "Investor Overlays", and that means there are extra guidelines placed on top of the VA's guidelines, and right now one of the extra guidelines is with the FICO score.
You can get a VA Guaranteed Home Loan today with your FICO score, with 100% financing, but the interest rate and low fees will be higher then if you wait until your FICO hits the 620-640 range.
Yes and No. From a pure VA perspective, the answer is "yes". But with this credit crisis most Lenders have "Investor Overlays", and that means there are extra guidelines placed on top of the VA's guidelines, and right now one of the extra guidelines is with the FICO score.
You can get a VA Guaranteed Home Loan today with your FICO score, with 100% financing, but the interest rate and low fees will be higher then if you wait until your FICO hits the 620-640 range.
your credit score is improving, thats a good news for you, so you should have patience and let your score be 620+, so that you can easily qualify for the loan with decent rates...
