Home Loans

[Anonymous]

Greetings from Iraq everyone.

Yes there are digital communications over here. LOL

My question is that my scores are as follows;

TransUnion

615

Equifax

613

Experian

628

I don't plan on buying a home until I get back from Iraq in about 6 months. I am sure my scores will go up when i get back. My question is what is the minimal score number to do a home purchase.

Message Edited by Duny on 07-27-2007 04:37 AM

[Anonymous]

I don't know.  But God bless you and keep you all over there in Iraq.  I pray that the blood of his son Jesus Christ continues to cover and protect you all and that you stay safe. 

That's all I have to say, sorry I couldn't answer your question.

Eve

[Tuscani]

Welcome.. Thank you for serving our country! We all owe you a debt of gratitude.

Your scores aren't bad. I would try and get to upper 600s for the best rate.  

Remember to read the Scoring 101 thread:

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

[Anonymous]

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Duny wrote:

Greetings from Iraq everyone.

Yes there are digital communications over here. LOL

My question is that my scores are as follows;

TransUnion

615

Equifax

613

Experian

628

I don't plan on buying a home until I get back from Iraq in about 6 months. I am sure my scores will go up when i get back. My question is what is the minimal score number to do a home purchase.

Message Edited by Duny on 07-27-2007 04:37 AM

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Middle score of 620 gets you approved for FHA with 5% down.

Semper Fidelis.

Formerly 3rd Marines Lnc Cpl

UUUUUUUUUUUUUUUUUUU-RAAAAAAAAAAAAAAAAAAAAAA!!!!!!

Rob

Message Edited by FICO_Focused on 07-27-2007 02:53 PM

[Anonymous]

GREETINGS AND THANK YOU FOR YOUR SERVICE!  I work in a large law firm and everyone I work with thinks about, and prays about, you brave servicemen and women every day.  Stay safe!

Don't forget the Veterans Administration mortgage program.

Also, I was told that neither the FHA nor the VA rely on FICO scores.   Also, I think FHA asks for 3% down and not 5%.  You may get 0% down at VA.

Once again, God bless you!

[Anonymous]

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hopeful wrote:

Don't forget the Veterans Administration mortgage program.

Also, I was told that neither the FHA nor the VA rely on FICO scores.   Also, I think FHA asks for 3% down and not 5%.  You may get 0% down at VA.

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Credit score and profile are BOTH considered.

Two lines of credit are necessary to apply for an FHA loan. However, in the event a borrower does not have sufficient credit on their credit report the FHA will allow substitute forms.

from url: http://www.fha.com/credit_issues.cfm

Also from the above source...

Before approving a loan, FHA.com analyzes the integrity of the borrower's past credit performance. Those who have a good credit history demonstrated by a solid track record of timely payments will likely be eligible for a loan. Potential borrower's whose credit history is marred by slow payments, poor financial judgment and delinquent accounts is not a good candidate for loan approval.

While FHA loans will carry UP TO 97% LTV Amount differs by region.

Typical scenario is 5% down plus closing fees AND PMI for a period NO LESS than 2 years.

Rob

[Anonymous]

First off, thanks for your service, and I do support what you and your fellow armed services members are doing over there!  Hats off to all of you.

Secondly, there's no "minimum" per se - just the rates and down payments needed increase with lower scores.  At a 615, you can do 5% down easily, but let me mention something-

VA loans.  As a veteran, you should have no problem getting a zero down VA loan at a better rate than us civilians can get anywhere!

[Anonymous]

Former Army E-5 here saying thanks for your service.

[Anonymous]

My bestfriend will be over there soon. The funny thing is boot camp was in Fort Sill and got stationed in HI. Well he emails me tons of picture. He is getting ready to train in near Death Valley and off he goes. Ive been joking with him about the sand cause he loves the beach and telling him at least he still has the sand to enjoy.

I wish the best to you and everyone in your life!!

When you get home you will be able to get a VA loan with your ficos. So dont worry!!! New home you want... Well new home you will get!

Good luck and STAY SAFE!

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Duny wrote:

Greetings from Iraq everyone.

Yes there are digital communications over here. LOL

My question is that my scores are as follows;

TransUnion

615

Equifax

613

Experian

628

I don't plan on buying a home until I get back from Iraq in about 6 months. I am sure my scores will go up when i get back. My question is what is the minimal score number to do a home purchase.

Message Edited by Duny on 07-27-2007 04:37 AM

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[Anonymous]

First of all, thanks for what you are doing for our country.  It is true that the VA does not rely on FICO scores in order to approve you for a loan.  The underwriter will look at your income, ability to repay the loan and your credit history.  The look back period is the last 12 months of pay history.

Of course, that does not include bankruptcy, charge off's, repossessions, etc., prior to that time.  It is strongly urged to go to a company that specializes in VA home loans.  There are very few out there.  While there are many military banks and financial companies that say they do, only a handful truly know how to process a VA loan.

I do not want to promote any company, so do a google search on the term VA loan and see which one you like.