@Harlan Robinson The fast answer to your two questions is yes & yes with a but in there.
YES our VA MinImum CREDIT SCORE REQUIREMENT IS 500
PART 2 YES MINIMUM SCORE FOR INVESTMENT PROPERTIES WITH A CONVENTIONAL LOAN IS ALSO 500 BUT YOU HAVE TO WAIT UNTIL YOU HAVE BEEN OWNING PROPERTY FOR MININUM OF 6 MONTHS BEFORE YOU GO TO CASHOUT
REFINANCE. IF YOU SELL YOUR GOOD UNLESS THE Buyers ARE FHA QUALIFIED WITHIN 90 DAY Rule comes Into Play.
THERES MORE BUT IT CAN GET COMPLEX DEPENDING ON YOU PLANS.
SORRY FOR ALL CAPS THE APP. SEEMS TO BE FORCING ME TO USE THEM??!!!
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.
@Harlan Robinson The fast answer to your two questions is yes & yes with a but in there.
YES our VA MinImum CREDIT SCORE REQUIREMENT IS 500
PART 2 YES MINIMUM SCORE FOR INVESTMENT PROPERTIES WITH A CONVENTIONAL LOAN IS ALSO 500 BUT YOU HAVE TO WAIT UNTIL YOU HAVE BEEN OWNING PROPERTY FOR MININUM OF 6 MONTHS BEFORE YOU GO TO CASHOUT
REFINANCE. IF YOU SELL YOUR GOOD UNLESS THE Buyers ARE FHA QUALIFIED WITHIN 90 DAY Rule comes Into Play.
THERES MORE BUT IT CAN GET COMPLEX DEPENDING ON YOU PLANS.
SORRY FOR ALL CAPS THE APP. SEEMS TO BE FORCING ME TO USE THEM??!!!
@Frank Marta
Hello Frank,
I didn’t know that the VA loans only required a 500 credit score? My husband is military and we are trying to use he’s VA to get a multi family. We recently applied and was denied because he’s credit score is 617. We was told that it needs to be at 620 mininun. Can you please explain?
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.