So here is my situation.
I have 510 FICO and I need to move in December.
- Can I get a VA Loan with a 500 FICO in Chicago, IL for less than 200K with 10% down?
- Can I get a cash out REFI with a 500 FICO at 80% LTV on an income property that I buy cash and fix up?
Unless vets are considered to be so special that credit scores do not matter a 500 score will be no where good enough for any conventional bank loans.
I would rent, with luck you may find a mom and pop landlord that does not care, then work to repair your score over the next couple of years. Ther eis no possible way you can get ahead with a score that low.
500 FICO's? Are no-money-down stated-income back yet?
@DeWitt Gibson - want to add your expertise?
Here is the link to the credit underwriting guide from the VA
I don't see a specific FICO score minimum in there.
Our internal overlays won't allow us to go below 620 FICO. Maybe other lenders will go lower?
Exactly@DeWitt Gibson , just have to find a lender that will do it at 500! They do not have much choice now, growth has to come from somewhere? The Feds can just buy high risk MBS on the secondary market and hope for the best. It's all just monopoly money anyway, CTRL-P is my motto. @Frank Marta , I will be in contact.
I just reached out to a friend of mine at another broker. I think I can refer you to him. He said his guys will do 500 FICO VA. Please contact me at my contact info below.