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VA LOAN QUALIFICATION ATTEMPT OR WAIT???? Stay VA or go FHA?

Member

VA LOAN QUALIFICATION ATTEMPT OR WAIT???? Stay VA or go FHA?

Hello, 

 

I am a disabled veteran that fell on some hard times and credit took a hit. Tried to apply for va home loan and was told I am just shy a few points needed to qualify. I have none in collections just charge offs with lates. I live in Texas and sent off some validation letters per our states finance code, which requires them to delete if they cannot provide info requested in 30 days. My question is if the items are deleted, should I go ahead and do rapid rescore and try to get the home loan or should I just wait because it will show disputed? I don't think these debt buyers have the info I am asking for but I want to be sure before I pay them anything. Also should I stay with the Va loan or go FHA if I have credit issues?


Starting Score: 493
Current Score: 563577
597Goal Score: 720


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4 REPLIES
Regular Contributor

Re: VA LOAN QUALIFICATION ATTEMPT OR WAIT???? Stay VA or go FHA?

Few things, if you're 10% + va disabled no funding fee and pmi. I think fha has pmi on their loans. Va and fha has similar score threshold but lenders had their own overlay. Work on you score getting it up and shop for lenders that is close to your profile. Save money for closing since both require no DP while working on your baddies. Good luck. Make it happen.
Message 2 of 5
Valued Contributor

Re: VA LOAN QUALIFICATION ATTEMPT OR WAIT???? Stay VA or go FHA?

FHA does require down payment . You are going to get better rates and no down with VA. You don't say your mortgage scores
Message 3 of 5
Member

Re: VA LOAN QUALIFICATION ATTEMPT OR WAIT???? Stay VA or go FHA?

Thanks.... Smiley Happy


Starting Score: 493
Current Score: 563577
597Goal Score: 720


Take the myFICO Fitness Challenge
Message 4 of 5
Member

Re: VA LOAN QUALIFICATION ATTEMPT OR WAIT???? Stay VA or go FHA?

I remember that my middle score is 570. That's the number that stuck in my head cause the lender told me that they look more at the middle score but I will check and post it. Any help I could get is helpful and appreciated. 


Starting Score: 493
Current Score: 563577
597Goal Score: 720


Take the myFICO Fitness Challenge
Message 5 of 5