Our current numbers pulled off scorewatch:
I had no problem getting approved for the VA max of 417k and you're in better shape than I am all the way around. I'd say you should have no issue at all.
Thank you for your service...
A few things about VA financing that should help ( I provide these loans for a living...so I know a little about them;-):
Hope this helps.
Thanks for the help, it is much appreciated.
I made a call today just to kick the tires so to speak. An agent I talked too suggested my wife's mid score of 609 might be an issue despite her fico score being 641. They wanted a 620 mid score. Then she went on to say that when they pull it they may get different numbers. Am I really that close to being oVer the edge?
lastly, a house we are looking at is a BOA forclosure and they are requiring all offers to be pre qualified with BoA. From what I read we will not be required to finance through BOA but I don't want them to reject me while someone else is covering the loan. Comments?
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.
You will need to be at a 620 mid score in order to obtain a VA loan from virtually every lender out there. There is just no secondary market for these loans at a score below 620 mid. Everything else you listed sounded perfectly in order.
Only issue that could come up with a VA loan on a foreclosure.. is that if there are any safety issues currently, VA will require the owner to repair, which can be an issue on a foreclosure.
Best of luck!