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Va loan 1st time use mid fico 609

We found a home. Mid fico 609 . BK ch 7 - 4 years ago due to coming out of the military and no job for 1 year. Make 85,000 a year now job for 3 yearsMedical collections for autistic son on payment plan will be done in a few months .Need honest lender knowing all these facts that knows they can help us get the house so we stop renting for 13 years total! by family2005 from gig harbor, Washington. Aug 29th 2014 Reply


We are in washington state not california ??

Aug 29th 2014
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Larry Gray (lgray_312_247)
#594 ranked lender in California - 1,139 contributions

We do provide loans for people with 3.5% down payment and 580 to 619 fico midscores before our standard FHA/VA loan minimum of 620 mid fico score comes in to play. We are not concerned with the medical collections as we are with showing no late payments in the past 12 months. We want to see that you are now on track with building back your good credit. I only do loans in CA but would be happy to refer you to an associate in WA if you like. Please contact me via my profile or personal website at graylending.com.

Aug 30th 2014
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Thanks! We are looking for 100% financing no money down but our earnest money!

Aug 30th 2014
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Larry Gray (lgray_312_247)
#594 ranked lender in California - 1,139 contributions

Guarantees by the VA in insuring a VA loan does not prevent "overall risk determination" by any lender in underwriting and funding a VA loan. Thus, lenders generally have standard minimum middle FICO credit scores to go along with other qualifying criteria which in the case of a V A loan is generally 620 or 640 depending on the lender. This is not to say that the V A will not guarantee insurance for a loan underwritten with credit scores below the standard minimums but a bank has to be willing to do so. I have been able to make these exceptions time and time again on FHA loans but have not done any below the 620 FICO mid credit score in my office for a VA loan. I am not sure if they are able to do so in the WA branch. Perhaps there is a revolving debt or credit card that could be paid down to get you to the 620 minimum mid FICO score required (I use "rapid credit re-score" to increase the mid score). The VA loan can always be with 0 down if there is a lender willing to accept your lower mid credit score along with review of the other qualifying criteria. We make the other exceptions for things such as you mentioned often enough but do have to meet the 620 FICO mid score minimum.

Aug 30th 2014
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Thanks again! Appriciate your response that is the lender I am looking for. Someone who has done this. We have paid everything off but the car and medical collections on payment plan. So nothing else can go.. Maybe someone can do the rapid rescore but we charge a little and pay off to try to keep getting the scores up

Aug 30th 2014
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Carrie Diaz (carriediaz)
#720 ranked lender in California - 5 contributions

Hi, give me a call. I have been a lender for 25 years and can help you get in with 0 down. Carrie Diaz 949-500-6927. Looking forward to speaking to you and helping you get into a home.

Aug 31st 2014
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John Burke (jburke)
#29 ranked lender in Texas - 227 contributions

Hi Family2005, Thank you for your service. I can VA loans down to a 600 middle score in all 50 sates. Please feel free to contact me for more information or help. John Burke | Senior Mortgage | Great Plains National Bank | http://www.valoansdoneright.com | (877)228-9069 | Lending in ALL 50 states |

Sep 3rd 2014
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