Va Loans Bad Credit
VA loans with 622 credit?
My fiance wants a loan for us to get a house, but his credit score is only 622nd Its not that we have bad credit, but he is only 22 and just did not have much. He has no late payments / no collections on his credit report and only two loans (one of which has already been paid in advance it just has not been reported yet). Do banks look at your credit report or just score? And if they look at just the scores do you think we could persuade them to lower interest rate is based on a perfect payment history? What interest do you think we can expect to get?
When it comes to a mortgage, lenders are more concerned about income so they score. Many with even lower scores get mortgages because they have a high income and may have in the past have made an error that caused their scores to decline. With regard to VA, it is NOT a mortgage, it is simply that the VA guarantees a portion of the mortgage if you default. There is no down payment required or points to pay. They (the VA) will make an inspection of the house first to determine the true value and condition, if the property does not meet their standards, then sell want to bring it in line or you'll have to look elsewhere. Your fiance should go to the local VA and get his certificate of eligibility before shopping for a home. Hope this helps your question. PS Do not you just love them responded with an offer of a loan!