First Time Home Buyers: Home Loan with OK credit?
Laquisha45 asked:
My husband has been fixing his credit for the past year. The only thing that was hurting us to get a loan was a 30 day late on his credit report and they said to wait exactly one year so the 30 day late will show a year old. Well the year is about to come up and we have been paying everything on time. We want to purchase our first home within three months. His 3 scores combined will be in the low to mid 600’s. Could we get turned down for a loan ( No more than 225K ) if we have the 10% down for the home loan. Does it matter if I have the 10% down and OK credit, could I still get turned down for a loan or will the 10% down will help to get the loan. The 30 days late was the only thing from getting the loan and we wanted 100% financing,but since we have the down payment we don’t need the 100% finiancing. Any advise will help… First time home buyers! My husband also has the VA loan funding, could we use that instead of going through a mortgage company?
My mistake it will be 20% down
My husband has been fixing his credit for the past year. The only thing that was hurting us to get a loan was a 30 day late on his credit report and they said to wait exactly one year so the 30 day late will show a year old. Well the year is about to come up and we have been paying everything on time. We want to purchase our first home within three months. His 3 scores combined will be in the low to mid 600’s. Could we get turned down for a loan ( No more than 225K ) if we have the 10% down for the home loan. Does it matter if I have the 10% down and OK credit, could I still get turned down for a loan or will the 10% down will help to get the loan. The 30 days late was the only thing from getting the loan and we wanted 100% financing,but since we have the down payment we don’t need the 100% finiancing. Any advise will help… First time home buyers! My husband also has the VA loan funding, could we use that instead of going through a mortgage company?
My mistake it will be 20% down
Posted in Renting Real Estate | 
Tags: First Time Home, Mistake, Ok Credit, Three Months, Time Home Buyers
Here are many first time home buyers programs available. You may start by calling the city Housing Office in your city or the county housing office!–in the county in which you reside.If these offices don’t have the programs you are seeking they will be able to tell you what agency in their jurisdiction has them.
Once you have located the first time home buyers program and who operate it, that agency normally have a list of lenders, banks–mortgage brokers or institutions that are authorize to administer the program. These agencies are normally listed on a pamphlet.
With scores in the low to mid 600’s you should be able to qualify for a conventional loan with 10% down.
However, you would also be able to qualify for a VA home loan because only your credit history is looked at, NOT the score. You will probably have a lower payment with a VA loan. Also, that one 30 day late will only require a letter of explanation unless it was a mortgage late.
The VA doesn’t give loans directly to borrowers, they only guarantee home loans for veterans, you would still need to use a mortgage company. I would use a company that specializes in veteran loans.
The right loan officer can get you approved. I suggest Hometown Banc Corp. My mom used them. They may be your best opportunity for someone to say yes. If your credit does not measure up, they don’t simply “forget to call you back.” They help you get into a credit repair program you can afford regardless of income. Check out the free evaluation form at and a Hometown loan officer will contact you .