Regular Contributor
Posts: 135
Registered: ‎01-04-2012
Re: Getting a VA Loan with Veteran spouse with bad credit

Tahul wrote:
Hello experts, Here is my scenario can be a little complicated. I sold my home in a short sale in December 2009 which will be three years in December 2012. I can get the FHA loan but dont like the idea of PMI insurance which can be up to $200 on a $250K loan. I am also willing to put down 20% My wife is a veteran but has bad credit, not sure how soon it can be fixed. With interest rates being low, waiting 6 months to fix can be a bad idea. Can i co-sign with my wife and get a VA loan?

They take the lower of the two scores.  I believe the lowest score is 620 with VA.

FICO EQ: 633 8/15/12
lender pulled 11/3/12 EQ 661 TU 650 EX598
credit Karma 674 credit sesame: 663
B/K discharged 2/2006......closed 8/2012

May your limits be high and your balances low!