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Home financing

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Home financing

I have a 621 fico and my husband has a 608-613 fico. We would like to purchase a house with a VA COE. Are there any lenders that will go that low.
We would also like to know if there is a way to have old accounts removed from our credit.
6 REPLIES 6
Contributor

Re: Home financing

Yes there are ways to have old (bad) accounts fixed or removed from your credit.  Don't count on them working.  If they were were one-off situations you can sometimes get a GW deletion of a late payment, or you can sometimes pay for the deletion of a bad account.

The fastest fix to a low credit score is money if the main issue is that you are overextended.  But!, paying on old derogatory credit can be much worse than not paying it at all in some cases.

620 is generally considered the minimum score for a VA loan but your FICO does not stand alone.  Even with an 850 FICO you still have to prove that you and the deal you bring to them are an investment that the bank is willing to make.

I'm no expert in this, but this I know.

Amazon | Am EX Skymiles Plat | Barclay | Cap1 QS | Citi DC | Discover IT | Home Depot | USAA
Message 2 of 7
New Visitor

Re: Home financing

So I guess we blew it by paying old debts. Darn.
We have an income of at least $80,000. and one credit card that has a balance of $2500., we do not have any other debts, no mortgage, rent, utilities or car payments. In fact, other than the one credit card our only other out go is car insurance.
Message 3 of 7
Contributor

Re: Home financing


@Minime1959 wrote:
So I guess we blew it by paying old debts. Darn.
We have an income of at least $80,000. and one credit card that has a balance of $2500., we do not have any other debts, no mortgage, rent, utilities or car payments. In fact, other than the one credit card our only other out go is car insurance.

Not necessarily...  Sometimes what seem like small changes can have huge impact.  What are your CC limits?  There may be some value to diversification of your credit.  Your past baddies may be ripe for a GW adjustment or about to fall off.  Initial advice is to get that one card payed down to just less than 10% of its credit limit.  But don't totally pay it off either.  You need to show that you can responsibly use credit, both of you. Each of you should have one card (for now) showing a relatively small balance. Relative to its limit that is.  We would need details of what is hurting your credit. If you don't want to post it here on this anonymous forum, PM it to me and I will do what I can to help guide you through based mostly on what I have learned here in the past few months.  In Jan I was a 680.  Today I'm a 780 and I'm not nearly done yet, but I have thrown a lot of money at the problem and have been fortunate to get some goodwill help from a creditor that I missed a single payment for four years ago.  YMMV.

Amazon | Am EX Skymiles Plat | Barclay | Cap1 QS | Citi DC | Discover IT | Home Depot | USAA
Message 4 of 7
New Contributor

Re: Home financing

Va doesn't actually have a minimum credit score. I am a lender and can do a VA loan where your scores are at as long as you meet all the other requirements. Just know your rate won't be as good though if your score was higher but VA has a great refinance program so when your score goes up you can easily get your rate down. (Mod cut-too close to solicitation)

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Message 5 of 7
New Member

Re: Home financing

Naca.com

Message 6 of 7
New Member

Re: Home financing

How low do you go? I live in Louisiana and eligible for a VA loan. My income is $130,000 but I have low credit scores.
Message 7 of 7
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