Getting a good home loan with OK credit - Home Sweet Home

Shannon Marie · 07-17-2008, 02:17 PM

Ok. I still haven't heard back from USAA but i'm not jumping the gun. I'm just curious.

For those with good credit but not great credit (600's).....how much did you get approved for and who was your lender? Just doing research.

We both have good jobs and decent credit. But i'm just nervous.

monkeyinabarrel · 07-17-2008, 06:30 PM

it will depend on what you make, how much debt you have, and how much money you have saved. it is not based solely on credit, so how much other people w/ your credit score got approved for will not help you without the other info. if you are good otherwise you should be fine. calm down. keep us updated though. i'm going through the same thing. have to wait until my so gets back from recruiter school to get pre-approved though.

~~Bex~~ · 07-17-2008, 10:55 PM

If you use FHA or VA, your credit score (unless it's below 590 I believe) will have little to no impact on your mortgage approval. Debt-to-income ratio, income, credit history (mostly payment history), etc etc as well as how much you have in reserves (banks like to see that if something were to happen to your job, you'd have money to pay your mortgage) and what not are the most important factors that lenders consider.

Shannon Marie · 07-18-2008, 10:08 AM

Originally Posted by Bex

If you use FHA or VA, your credit score (unless it's below 590 I believe) will have little to no impact on your mortgage approval. Debt-to-income ratio, income, credit history (mostly payment history), etc etc as well as how much you have in reserves (banks like to see that if something were to happen to your job, you'd have money to pay your mortgage) and what not are the most important factors that lenders consider.

thanks ladies!

sandykay · 07-18-2008, 10:10 AM

Originally Posted by Bex

If you use FHA or VA, your credit score (unless it's below 590 I believe) will have little to no impact on your mortgage approval. Debt-to-income ratio, income, credit history (mostly payment history), etc etc as well as how much you have in reserves (banks like to see that if something were to happen to your job, you'd have money to pay your mortgage) and what not are the most important factors that lenders consider.

Also the amount you are approved for will also depend on where you live. I know that we can get a bigger loan in VA than here because the houses are cheaper here and they there for you don't need as big of a loan. Good luck sweetie.

Shannon Marie · 07-18-2008, 10:14 AM

Just an update: the loan with USAA did go through and we got approved for the house I really want. So well see how that goes! Thanks for all the good vibes!

CoffeeGirl · 07-22-2008, 04:53 PM

I'm really happy for you guys

fitmommyof4 · 07-22-2008, 06:21 PM

Good luck!

Hisgirl · 07-22-2008, 09:18 PM

That's awesome!! We also used USAA for our VA loan and they rocked.

Have fun picking out a house---it's so much fun!!!!

Hisgirl · 05-02-2009, 01:40 AM

I'd only get a home loan thru a major bank, no shady military loan places, thanks!

07-17-2008, 02:17 PM	#1 (permalink)
Shannon Marie Love you more Join Date: Oct 2007 Location: Tinker AFB Oklahoma City, OK Posts: 4,649 Classifieds: (0) Activity: 3% Longevity: 35%	Getting a good home loan with OK credit Ok. I still haven't heard back from USAA but i'm not jumping the gun. I'm just curious. For those with good credit but not great credit (600's).....how much did you get approved for and who was your lender? Just doing research. We both have good jobs and decent credit. But i'm just nervous. __________________ DJRx2= my life, my world, my everything

07-18-2008, 10:14 AM	#6 (permalink)
Shannon Marie Love you more Join Date: Oct 2007 Location: Tinker AFB Oklahoma City, OK Posts: 4,649 Classifieds: (0) Activity: 3% Longevity: 35%	Just an update: the loan with USAA did go through and we got approved for the house I really want. So well see how that goes! Thanks for all the good vibes! __________________ DJRx2= my life, my world, my everything

07-22-2008, 04:53 PM	#7 (permalink)
CoffeeGirl Java Queen Extraordinaire Join Date: Jan 2005 Location: Arizona Posts: 56,461 Classifieds: (0) Activity: 20% Longevity: 82%	I'm really happy for you guys __________________ When my time comes, forget the wrong that I've done, help me leave behind some reasons to be missed. Don't resent me when your feeling empty,Keep me in your memory, leave out all the rest leave out all the rest

07-22-2008, 06:21 PM	#8 (permalink)
fitmommyof4 Senior Member Join Date: May 2008 Location: Fort Polk, LA/Iraq Posts: 1,977 Classifieds: (0) Activity: 65% Longevity: 25%	Good luck! __________________ Trish

07-22-2008, 09:18 PM	#9 (permalink)
Hisgirl Pass the Chocolate Join Date: Nov 2007 Location: Under a coconut tree Posts: 1,827 Classifieds: (0) Activity: 31% Longevity: 34%	That's awesome!! We also used USAA for our VA loan and they rocked. Have fun picking out a house---it's so much fun!!!! __________________ A Navy wife in paradise! Been half way around the world and back with my Navy man...15 years and counting!! Grabbed a few kids along the way...9, 7, and 5 months!

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07-17-2008, 06:30 PM	#2 (permalink)
monkeyinabarrel Senior Member Join Date: Mar 2008 Location: me-Central PA, him- VT Posts: 2,331 Classifieds: (0) Activity: 0% Longevity: 27%	it will depend on what you make, how much debt you have, and how much money you have saved. it is not based solely on credit, so how much other people w/ your credit score got approved for will not help you without the other info. if you are good otherwise you should be fine. calm down. keep us updated though. i'm going through the same thing. have to wait until my so gets back from recruiter school to get pre-approved though.

07-17-2008, 10:55 PM	#3 (permalink)
~~Bex~~ Banned Join Date: Jan 2004 Location: san diego, ca Posts: 30,189 Classifieds: (0) Activity: 0% Longevity: 99%	If you use FHA or VA, your credit score (unless it's below 590 I believe) will have little to no impact on your mortgage approval. Debt-to-income ratio, income, credit history (mostly payment history), etc etc as well as how much you have in reserves (banks like to see that if something were to happen to your job, you'd have money to pay your mortgage) and what not are the most important factors that lenders consider.

05-02-2009, 01:40 AM	#10 (permalink)
Hisgirl Pass the Chocolate Join Date: Nov 2007 Location: Under a coconut tree Posts: 1,827 Classifieds: (0) Activity: 31% Longevity: 34%	I'd only get a home loan thru a major bank, no shady military loan places, thanks! __________________ A Navy wife in paradise! Been half way around the world and back with my Navy man...15 years and counting!! Grabbed a few kids along the way...9, 7, and 5 months!