Im a military member for 16 yrs and i got a 600 credit raiting looking to by house.?

Question

i've served 16yrs and I need 5 more yrs to retire, recently the base i live on became privatized and now we pay rent. base on my rank or grade im paying $1700.00 a month, so now i want to buy a home, im fully qualified to get my VA Loan, and im a first time buyer. im looking to by within the next 6 to 10 months. i have some negative marks on my credit report most of which have been paid, at time of purchase all negative remarks will have been paid at least for 4 months. can you point in right direction. i know i will have to pay a higher interest rate along with putting some money down. my worry is that i dont want to get ripped off. i would really like to buy a new house in my area but i dont want to spend more than $300,000. Even with being military and having my VA Loan certificate how much do you think i would have put down and at what percent, say if my credit rating was 650?

Answer 1

I too am a 12 yr AD Vet (now in the Guard) and researching to buy a house using the VA loan. I've found out that a minimum of 580 Fico/Credit score and your debt to income ratio has to be ok too. If you're working with a realtor ask them to direct you to VA "friendly" lenders. Some lenders will try to BS you and say it's too much trouble to help you get a loan with the VA, blah, blah, blah, but with the VA loan there's no Down payment,closing cost rolled into the final cost of the loan, etc. It's way too good to pay up. Be sure to get your VA eligibility Certificate too. Once you're ready to start contacting lenders and such, I'd suggest getting a copy of your credit report and carrying it with you. Why? After 14 days any credit inquiries will count against you, it's better to have a credit report with you that way they're not pulling (and sometimes charging you for) your report. I was also told that 6-12 months of good payment/credit history is a leg up too. I hope this helps, it's just a little info I came across while trying to get ready to get our VA loan.

Answer 2

With a reating of 650 you would need maybe 10% down but I would pput alot more down than that to keep my payments low and not be a slave to the mortgage payment . You will get a competitive rate give or take a .25 point as you are working at the same job for a long time and will get another job when you retire .

Answer 3

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Answer 4

I would say go to a web site that will send your application to several banks at once - get the best rate, best closing, tell the broker what you are looking for. Web sites like http://www.emortgagesaver.com

Answer 5

Talk to a realtor - they'll be able to put you in touch with several recommended lenders.