VA loan - bad credit - please help!

[Anonymous]

Hey all- my Fico 8 score is showing 626, Fico 5 is showing 593, & when I had my credit ran end of November it came back at 597. I am active duty AF, 6 years in June and re-enlisting- I currently have about 5000 in CL with a balance of 1500 (about 40%) I plan on paying that off in the next couple of weeks with my taxes and a 2000 personal loan- my only monthly bill is $140/mo (have phone, ins and utilities as well obviously).

I’m expecting a baby end of July and would really like to get moving on securing a loan. I was talking to a lady from NASB about getting preapproved, she recommended waiting till I pay off the cards to hopefully be boosted from 597 to 620 so no manual uw is needed but I’d really like to speak with another company as well, honestly she just seems to busy to actually talk to me and that bothers me, I’m a first time buyer and have lots of questions. Any suggestions for a company that could work with me?

[Anonymous]

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wrote:
Hey all- my Fico 8 score is showing 626, Fico 5 is showing 593, & when I had my credit ran end of November it came back at 597. I am active duty AF, 6 years in June and re-enlisting- I currently have about 5000 in CL with a balance of 1500 (about 40%) I plan on paying that off in the next couple of weeks with my taxes and a 2000 personal loan- my only monthly bill is $140/mo (have phone, ins and utilities as well obviously).

I’m expecting a baby end of July and would really like to get moving on securing a loan. I was talking to a lady from NASB about getting preapproved, she recommended waiting till I pay off the cards to hopefully be boosted from 597 to 620 so no manual uw is needed but I’d really like to speak with another company as well, honestly she just seems to busy to actually talk to me and that bothers me, I’m a first time buyer and have lots of questions. Any suggestions for a company that could work with me?

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As (medically) retired USAF, I'd first ask you if you are near retiring during your current tour of duty?  Are you on a 5-Year controlled tour or something?  If you're not near retirement during your current tour will you be shortly after/during your next PCS?  While I cannot help with your credit issues in relation to your desired mortgage, I can only advise you that it's hard and unadvisable to be a long distance landlord when the BAQ and BAS rates are more than enough for you to rent/lease a pretty nice crib.

[Anonymous]

I’m not near retirement but work in JSTARS, if I have another PCS it’d be in at least 5+ years (8+ more likely) but we’re at WRAFB and a lot of my unit are guard civilian technicians- which is an option I may consider instead of a PCS. Definitely wouldn’t be considering buying if we were moving soon- I don’t want the landlord gig!

[Anonymous]

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wrote:
I’m not near retirement but work in JSTARS, if I have another PCS it’d be in at least 5+ years (8+ more likely) but we’re at WRAFB and a lot of my unit are guard civilian technicians- which is an option I may consider instead of a PCS. Definitely wouldn’t be considering buying if we were moving soon- I don’t want the landlord gig!

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I see.  Yeah, I get ya.  I was a WG civilian employee in the ANGUS (C-130 Hercs) for years and loved it.  Double dipping on certain TDY's, but the drawback was being a union employee, yet still having to wear the uniform even as a civilian.  Other drawback (if you take it as one) is having to be an active reservist/ANGUS troop at the same time.  OTOH, at least I didn't have to damage my own clothes either.  Whether you are talking AGR or WG, you'll likely be in a MUCH better position to pursue your mortgage vs being an AD USAF'er after a few months.  You'll make $S-tons more $$$ in this position, as you already know of course.

Best of luck to you and thank you for your service!