Jun
25
If you have the income but not really good credit can hubby get approved for a VA loan?
Filed Under Renting & Real Estate
Michelle
He meets all the requirements but the not so good credit. What are are chances of getting approved for a VA home loan? We only want like a $16,000 house. I know its a wait and see thing but if anybody deals with this please help. I don’t want to get my hopes up to be shot down. Is it possible to get any loan with bad credit? I don’t care if we have to pay 50% interest we are still getting a good deal in today’s market the way the economy is. The house we want is priced $16,000 but was valued before the economy slump as about $85,000. Please I don’t want to hear talk to a credit counselor bla bla. I want to know if it is possible at all. Thanks
I dont have 50% down. If that was the case then we would not need the loan
I know kelsy i was exagerating. If they dont lend that low then what am I finding houses for that low on a real estate site that tells you what the payments are and how many years then?
He meets all the requirements but the not so good credit. What are are chances of getting approved for a VA home loan? We only want like a $16,000 house. I know its a wait and see thing but if anybody deals with this please help. I don’t want to get my hopes up to be shot down. Is it possible to get any loan with bad credit? I don’t care if we have to pay 50% interest we are still getting a good deal in today’s market the way the economy is. The house we want is priced $16,000 but was valued before the economy slump as about $85,000. Please I don’t want to hear talk to a credit counselor bla bla. I want to know if it is possible at all. Thanks
I dont have 50% down. If that was the case then we would not need the loan
I know kelsy i was exagerating. If they dont lend that low then what am I finding houses for that low on a real estate site that tells you what the payments are and how many years then?
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4 Responses to “If you have the income but not really good credit can hubby get approved for a VA loan?”
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i assure you that if you put down 50%, any lender in your area
will lend the other 50%. Hope that is helpful to you.
Actually you cannot get a mortgage for only $16,000!! There are actually loan amount guidelines, and I believe the minimum loan amount is $35,000 or $40,000.
On a side note, please, you don’t want a 50% interest rate, that’s just stupid and actually would be consider predatory lending, which is illegal.
For approval on a VA loan your husband needs to get all three of his credit scores to 600+.
yes
all you have to do is find any lender that can write up a loan accepting VA. the VA is only there to insure the lender that they are not out any money. the VA will cover 25% of the house loan if you default. To use the VA for the first time it will cost you about $3500. but that would mean you dont pay any PMI.
the tough part for you it seems is to find a lender willing to write you up a loan…once you do find a lender (i am sure you can) you just tell them that you are a vet and want to use a VA loan. low risk to the lender. you will get the best rate available