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My husband and I live in MA outside of Boston and we are first time home buyers with VA loan...

we found out that his highest score is a 610 and lowest is a 563. We have only talked to one lender but was not approved...is it possible for us to get approved or should we just keep renting or try a rent to own option? We pay 1500 a month for a one bedroom so we would rather put that towards a house...any advice would be great as we are lost. by amacdonald3612 from Franklin, Massachusetts. Apr 23rd 2013 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

It takes more than a credit score to purchase a home.. assets, income, type of income and past credit history are all considered along with the credit score to determine your eligibility.. Without seeing your complete profile it's hard to say.. but the real question is "why"... Why is your credit score so low.. if you have a judgments, tax liens, BK, back child support, all these things can prohibit you from getting approved even if your score was 700... The best advice I can give you is to start working on cleaning up your credit.. there are a lot of legitimate companies out there who can help you improve your score.. you can also reach out to a local mortgage broker and ask him to refer you to a credit repair company he/she uses.. 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. 480-287-5714 WilliamAcres.com

Apr 23rd 2013
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Peter Savino (855411LEND)
#100 ranked lender in New Jersey - 332 contributions

Rent, or rent to own while repairing your credit, Hire a good credit repair company to work with you.

Apr 23rd 2013
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Seth Jacobs (MaineMortgageBanker)
#6 ranked lender in Maine - 116 contributions

Focus on Credit. Credit Karma is a legit free app you can download on your phone these days that really does help with no "catch" that a lot of credit repair companies play. I'm not employed or paid by them to say this just my own opinion.

Apr 23rd 2013
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Robert Oliveira (roberto)
#13 ranked lender in Massachusetts - 90 contributions

Hi a lot of things may be working against you to have that score that low. Without knowing all of the issues I can not give you a solid answer but I would be willing to look at the situation and help you get that score to rise so that you will be ready to purchase. Sometimes it only takes a few weeks to get score to rise so please call as I do a lot of credit repair and also do a lot of VA loans. Thank you Robert Oliveira Province Mortgage 508 802 0935 or email roliveira@provincemai.com. I look forward to working with you. I am also in Mass as well.

Apr 23rd 2013
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Dave Metsker (DaveMetsker)
#36 ranked lender in Oregon - 2,318 contributions

Work on your credit, avoid new consumer debt, and pay off existing credit cards as soon as possible.

Apr 23rd 2013
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

See William's answer

Apr 23rd 2013
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George DeVIne (gdevine)
#7 ranked lender in Rhode Island - 46 contributions

We have a service that will allow us to review certain aspects of your credit profile and advise what needs to be done to enhance the score. Please give me a call at 401 301 0130 or email at gdevine@atlantichomeloans.com and I'd be happy to review this for you.

Apr 23rd 2013
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Carlos Figueira (carlosfigueira)
#108 ranked lender in New Jersey - 199 contributions

As others mentioned, you may be able to bring up score with a little tweaking on your current balances etc. You need to speak to an EXPERIENCED loan officer that can review your credit and advise you on what to do to increase it. This can be done in short time via credit re score thru the Lenders credit agency or running new credit report after a 30 day period providing you have done what is suggested to bring it up. Good Luck!

Apr 23rd 2013
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Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

Please reach out to me as I can help you obtain financing and look at the entire situation and explain things to you. Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation. Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com We are also proud Homes for Heroes affiliates!

Apr 24th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,784 contributions

Unfortunately, your credit scores are too low to be approved for a VA loan. For that matter, any loan. Work on repairing your credit before attempting to purchase a home.

Apr 24th 2013
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Pete Bass (PeteBass)
#30 ranked lender in Connecticut - 476 contributions

Work on Repairing your credit - find a loan officer that will help you with the process and guide you on how to prepare your financesfor when you are eligible to apply for a loan-There are good loan officers here on Lender411 that can assist you in Mass-Good luck,Pete

Apr 24th 2013
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