The score the lender pulls will most likely be different than the one you get when you get your own scores. This is due to the mortgage companies using a different scoring model.
A 620 mid score (you both get three scores; the lowest "middle" score is the one they'll use to underwrite the loan, BUT, for VA they only need your wife's score if they're using her income to help you qualify. If you can qualify using just your income, but cover her debts along with yours (this is the rule in CA, which is a Community Property state), her score shouldn't matter.
Re the BofA prequal: Go ahead and let them run the numbers...they'll most likely do it over the phone and issue you a letter regarding qualifying. Use this letter to make your offer. You won't have to use them for your financing. 
They'll need to run a credit report, but that's okay: A credit report run for a mortgage is not seen as a problem on scores like it would be if you were applying to finance furniture or a TV. In fact, according to credit bureaus I work with, you can have your credit run multiple times in a 30 day period in search of a mortgage and it counts against your FICO as only having been run 1 time. The theory being you'll only end up with one mortgage, but you could end up with lots of furniture/TV's, etc.
My advice on VA financing: Find someone that is a VA Loan Specialist--not must that their bank can do VA loans--but a Loan Officer that has personally done many VA loans (more than 10, maybe). There's some littly quirky things about a VA loan that, for a seasoned professional don't create a problem, but that would prove an irritant to you and your agent if the Loan Officer is learning the VA loan, while working with you.
Update
This recent process started with the intent to start looking for a home consisting of the research and prep work that is needed. My original post was a couple of days after we spent a couple of hours doing driving by some neighborhoods and specific properties. We really liked one that we saw from the street and it was our last of the day. Three days later we had engaged an agent. 6 days later we walked it. 8 days later we submitted a bid. 11 days from initially seeing it from the street and shockingly fast we had a signed agreement.
BOA pre qual took me 15 minutes before I had my letter. It helped greatly that they were my bank. I know the pre qual means nothing but I needed it from BOA for my offer to be considered.
Mid score on wife below 620 is seen as problematic so I am going it alone on the loan. It looks like the ratios are fine for me to support this. I've submitted everything asked and application is with underwriting. No surprises with the inspection. Appraisal is ordered. Current close date was set at the end of April. Hopefully that will move up.
Interesting thing with how this went. Due to the seller (bank) recently dropping yet another 10% off making it over 20% off the original listing price that was market based we picked up a good share of the closing costs. I am not unhappy about it as the value is 40% off the original sales price in 2006 whereas our market is 20% down from the 2006 high. But we just bumped our offer up with the provision that the seller picks up all closing. So, the net to the seller is effectively the same but I get closing rolled into my VA loan. The only catch to this is that the home has to appraise for the higher amount. My agent said she hadn't tried doing this in years because the appraisal number can be hard to get. She says the bank that owns would not normally agree to it if there appraisal data did not support it. She says foreclosures on the market get appraised monthly as part of their sales. My loan officer got worried when he saw this but was cool with it after he talked with her. I think it's fine and still at least 10% below appraisal.
So, clueless me. I get a call from the LO offering options and it seems like the closing cost roll in is a masterstroke. The amount of money in it is enough to cover everything and buy down a point to get a rate of 3.25%. Right now on paper I can show up at closing with no cash due and walk away with $200! In reality I know I will not work out that way because his tax escrow estimate is a little low.
Keeping fingers crossed for real approval and I can get dream house well under market with no cash in.
This recent process started with the intent to start looking for a home consisting of the research and prep work that is needed. My original post was a couple of days after we spent a couple of hours doing driving by some neighborhoods and specific properties. We really liked one that we saw from the street and it was our last of the day. Three days later we had engaged an agent. 6 days later we walked it. 8 days later we submitted a bid. 11 days from initially seeing it from the street and shockingly fast we had a signed agreement.
BOA pre qual took me 15 minutes before I had my letter. It helped greatly that they were my bank. I know the pre qual means nothing but I needed it from BOA for my offer to be considered.
Mid score on wife below 620 is seen as problematic so I am going it alone on the loan. It looks like the ratios are fine for me to support this. I've submitted everything asked and application is with underwriting. No surprises with the inspection. Appraisal is ordered. Current close date was set at the end of April. Hopefully that will move up.
Interesting thing with how this went. Due to the seller (bank) recently dropping yet another 10% off making it over 20% off the original listing price that was market based we picked up a good share of the closing costs. I am not unhappy about it as the value is 40% off the original sales price in 2006 whereas our market is 20% down from the 2006 high. But we just bumped our offer up with the provision that the seller picks up all closing. So, the net to the seller is effectively the same but I get closing rolled into my VA loan. The only catch to this is that the home has to appraise for the higher amount. My agent said she hadn't tried doing this in years because the appraisal number can be hard to get. She says the bank that owns would not normally agree to it if there appraisal data did not support it. She says foreclosures on the market get appraised monthly as part of their sales. My loan officer got worried when he saw this but was cool with it after he talked with her. I think it's fine and still at least 10% below appraisal.
So, clueless me. I get a call from the LO offering options and it seems like the closing cost roll in is a masterstroke. The amount of money in it is enough to cover everything and buy down a point to get a rate of 3.25%. Right now on paper I can show up at closing with no cash due and walk away with $200! In reality I know I will not work out that way because his tax escrow estimate is a little low.
Keeping fingers crossed for real approval and I can get dream house well under market with no cash in.
