Regular Contributor
Posts: 205
Registered: ‎06-04-2012
Re: Getting a VA Loan with Veteran spouse with bad credit

Tahul,  unfortunately va mortgage benefits aren't transferrable.  If you're not a vet yourself than her name will have to be on any va mortgage.  Do you know her current score?  Also, you said you'd be willing to put down 20%.  With 20% down, you could just use a conventional mortgage.  I also believe it depends on the state whether both spouses have to be on a mortgage.  In many states, its fine to have only one spouse on the mortgage, but there are some that require both spouses, so thatmay be worth some research on your states rules.  Also, different rules may apply depending on whether its a primarary residence, a summer house or an income property.  (But since you are talking about fha snd va loans, i'm assuming you're talking about a primary residence).

Starting FICO 667 (5/2012) EQ
672 (7/2012) EQ. 681 (8/1/12) EQ
Current FICO 682 (10/13/12) EQ; 718 (10/13/12) TU
Goal: 760+ but 700-720 by jan 2013
No new apps tll jul 2013