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Can I purchase a home with my VA loan if my wife's credit is poor?

by hh2015322 from Acton, Massachusetts. Sep 3rd 2015 Reply


Larry Gray (lgray_312_247)
#562 ranked lender in California - 1,127 contributions

It is important to contact a mortgage broker or bank and get qualified so you cansee how much you qualify for to make a VA loan home purchase on your own. Your wife does not need to be on the loan.

Sep 3rd 2015
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Robert Oliveira (roberto)
#13 ranked lender in Massachusetts - 89 contributions

Hello I do a lot of VA loans locally so it depends on how low of score. If too low can do in just your name and your income and your score will lower purchase power. Call me to discuss options but I have done them at 580 just depends on circumstances and dent and income and so on. Robert Oliveira Province Mortgage 508 802 0935 or robertoliveira51@gmail.com

Sep 3rd 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,797 contributions

Yes, but more info is needed to properly answer your question.. Understand that loan pricing is based on the lowest MID credit score of ALL borrowers, so effectively, your good score is being dragged down by her bad score.. Also, for VA financing, lenders have minimum credit scores.. each one is different, but for the ideal scenario, it's best if the scores were 660 or above.. some lenders go lower.. as low as 580, but keep in mind that the lower the score the stricter the guidelines and few that apply get approved.. If you need your wife's income to qualify, then she has to be on the loan since you cannot use her income without using her credit.. but if you earn enough income without needing her's, then you can apply on your own, and add her to the title once the loan has closed.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Sep 4th 2015
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Mark Hemingway (SFSLend)
#1 ranked lender in Colorado - 535 contributions

Yes you can purchase VA with your wife but depends what her score is. You will definitely want to discuss your options with a qualified Mortgage broker that is also approved to do VA. A VA loan allows for a slightly higher Debt to Income ratios when compared to a Conventional Loan so that may help you to. But you could choose to not put wife on loan but then add her to title.

Sep 11th 2015
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Sep 24th 2015
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