Posted on: 03rd Jun, 2009 11:46 am
My husband has a credit score of 630 and mine is 750 or better. We would like to purchase a home, and he is eligible for a VA loan if we can get qualified. Before we speak to a lender, do you think we could get qualified for a reasonable mortgage?? What could be possible interest rates? Any advice is welcomed!!
your scores are sufficient to qualify. a "reasonable" mortgage is impossible to identify without knowing income, indebtedness currently, job stability, etc. possible interest rates: today, for example, you can find rates ranging from 5% up to as high as 7%. the lower you go, the more points you will find being charged.
go speak with a lender first - rates do vary slightly from one shop to another, but if you want to know what you qualify for, you need to take that step.
go speak with a lender first - rates do vary slightly from one shop to another, but if you want to know what you qualify for, you need to take that step.
cdinflorida
Welcome to the forum.
When you are lookign for mortage, there are several facotrs which come in to play in addition to the credit score.
Your income and your current Debt to Incoem ratio.You could have good credit score but lot fo loans.
Havign said that, your combined scores are sufficient to get you a decent interest, but the amount of loan will be dtermined based on your income.
Good luck and feel free to ask.
Welcome to the forum.
When you are lookign for mortage, there are several facotrs which come in to play in addition to the credit score.
Your income and your current Debt to Incoem ratio.You could have good credit score but lot fo loans.
Havign said that, your combined scores are sufficient to get you a decent interest, but the amount of loan will be dtermined based on your income.
Good luck and feel free to ask.
CD
The minimum required credit score for a VA approved loan is 620, and as George stated of rates it is best to talk to a lender for a specific rate but the range will be 5.5 to 7.
Your lender should be able to pre qualify you and provide you with a good faith estimate including rate and fees.
The minimum required credit score for a VA approved loan is 620, and as George stated of rates it is best to talk to a lender for a specific rate but the range will be 5.5 to 7.
Your lender should be able to pre qualify you and provide you with a good faith estimate including rate and fees.
Hi,
It is good that you have a good credit score. To get a mortgage loan there are various factors which the lender checks like credit score, source of income and present loan status, if any. The amount of loan you can get depends on the lender and also the rate of interest. Before applying for a mortgage do a market survey in order to get a good lender and discuss the payment plan clearly so that in future you don't have to face any difficulty in re-paying the loan. Also if possible consult with a good attorney before applying for mortgage.
Feel free to ask question.
It is good that you have a good credit score. To get a mortgage loan there are various factors which the lender checks like credit score, source of income and present loan status, if any. The amount of loan you can get depends on the lender and also the rate of interest. Before applying for a mortgage do a market survey in order to get a good lender and discuss the payment plan clearly so that in future you don't have to face any difficulty in re-paying the loan. Also if possible consult with a good attorney before applying for mortgage.
Feel free to ask question.