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Can we qualify for a VA loan with a 580 credit score

Established Contributor

Re: Can we qualify for a VA loan with a 580 credit score


thatchers wrote:

Can you send company info etc please


PM Sent.

National Mortgage Banker.
VA Mortgage Expert.
Established Contributor

Re: Can we qualify for a VA loan with a 580 credit score


thatchers wrote:

Thank you need all the support we can gatherr


PM sent

National Mortgage Banker.
VA Mortgage Expert.
Valued Contributor

Re: Can we qualify for a VA loan with a 580 credit score


thatchers wrote:

Can you provide me with company info as well please?  Our scores are coming up quickly and we're on a mission to become homeowners asap.  Who wants to pay $1350 a month rent to live in someone elses property? Not us.............


I would love to pay $1350 a month rent to live in someone else's property under many situations.

 

I've owned property free and clear of any mortgages since I was 18 (25 years ago).  In the 25 years, I have also rented from a landlord for 12 of those, while also being a landlord myself.

 

Why?

 

Because sometimes, probably 30-40% of the years, renting was WAY cheaper than owning the same property.  From 2007 to 2015 I rented a 5000 square foot multi-floor loft.  To own it would mean paying about $6000 a month.  I paid $1500 in rent for the first 4 years, $3000 for year 5-6, and $4000 for the remainder.  Finally the landlord wanted to raise rent to $7500 so I didn't renew the lease.

 

In 2006, I had 5 properties I owned and rented out but that year rent was so much cheaper than owning that i decided to sell them all (except for one which I bought when I was 18).  Good thing I did because I was able to re-buy one of those places 2 years later for 40% of what I sold.

 

Not sure why everyone thinks owning is better than renting.  It might be, but you need to do some pretty solid math to figure that out.

 

Near me, rents are starting to get so cheap that I might sell my properties again in a year or two because it might not make sense to sit on them.

 

If renting is way cheaper than owning, owning makes no sense no matter how much "equity" you're building.

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Established Contributor

Re: Can we qualify for a VA loan with a 580 credit score

Sent you an email today to your work email!
New Member

Re: Can we qualify for a VA loan with a 580 credit score

We are looking to refinance our conventional first and second mortgages and get cash back to pay off high interest personal loans. I have a VA COE but have not used it. Lenders we have contacted want a score of 620 or higher for VA. Our scores are between 580 and 600.  Can you help us? What is your contact information? Thanks.

Established Contributor

Re: Can we qualify for a VA loan with a 580 credit score


Daleno3 wrote:

We are looking to refinance our conventional first and second mortgages and get cash back to pay off high interest personal loans. I have a VA COE but have not used it. Lenders we have contacted want a score of 620 or higher for VA. Our scores are between 580 and 600.  Can you help us? What is your contact information? Thanks.


Hi Daleno3,

 

Yes I can help you. I sent you a PM with my contact info.

 

National Mortgage Banker.
VA Mortgage Expert.
New Visitor

Re: Can we qualify for a VA loan with a 580 credit score

Can you please send me your contact informaion as well?  I am in NC and I'm looking to purchase a home soon.

 

Thanks

Established Contributor

Re: Can we qualify for a VA loan with a 580 credit score

Going to have to apply for a mortgage to see.
Established Contributor

Re: Can we qualify for a VA loan with a 580 credit score

I sent you a PM NC1174
National Mortgage Banker.
VA Mortgage Expert.
New Visitor

Re: Can we qualify for a VA loan with a 580 credit score

could you please pm me the lender you used