Military Significant Others and Spouse Support - MilitarySOS.com
Results 1 to 10 of 10

Thread: Getting a good home loan with OK credit

  1. Damn it feels good to be a gangsta
    Shannon Marie's Avatar
    Shannon Marie is offline
    Damn it feels good to be a gangsta
    Join Date
    Oct 2007
    Location
    Tinker AFB
    Posts
    4,715
    #1

    Question Getting a good home loan with OK credit

    Advertisements
    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.

  2. Senior Member
    monkeyinabarrel's Avatar
    monkeyinabarrel is offline
    Senior Member
    Join Date
    Mar 2008
    Location
    me-Central PA, him- VT
    Posts
    2,329
    #2
    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.
  3. Bex
    Banned
    Bex's Avatar
    Bex is offline
    Banned
    Join Date
    Jan 2004
    Location
    san diego, ca
    Posts
    30,189
    #3
    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.
  4. Damn it feels good to be a gangsta
    Shannon Marie's Avatar
    Shannon Marie is offline
    Damn it feels good to be a gangsta
    Join Date
    Oct 2007
    Location
    Tinker AFB
    Posts
    4,715
    #4
    Quote Originally Posted by Bex View Post
    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!

  5. Just your everyday, laidback Aussie Girl
    SandyKay's Avatar
    SandyKay is offline
    Just your everyday, laidback Aussie Girl
    Join Date
    Aug 2007
    Location
    Somewhere out there
    Posts
    32,613

    #5
    Quote Originally Posted by Bex View Post
    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.


  6. Damn it feels good to be a gangsta
    Shannon Marie's Avatar
    Shannon Marie is offline
    Damn it feels good to be a gangsta
    Join Date
    Oct 2007
    Location
    Tinker AFB
    Posts
    4,715
    #6
    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!

  7. Account Closed
    CoffeeGirl's Avatar
    CoffeeGirl is offline
    Account Closed
    Join Date
    Jan 2005
    Posts
    56,457

    #7
    I'm really happy for you guys
  8. Senior Member
    fitmommyof4's Avatar
    fitmommyof4 is offline
    Senior Member
    Join Date
    May 2008
    Location
    Fort Polk, LA/Iraq
    Posts
    2,085
    #8
    Good luck!
    Trish & Hubby Home for R&R!! Dec. 2009
  9. Pass the Chocolate
    Hisgirl's Avatar
    Hisgirl is offline
    Pass the Chocolate
    Join Date
    Nov 2007
    Posts
    1,829
    #9
    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!!!!
  10. Pass the Chocolate
    Hisgirl's Avatar
    Hisgirl is offline
    Pass the Chocolate
    Join Date
    Nov 2007
    Posts
    1,829
    #10
    I'd only get a home loan thru a major bank, no shady military loan places, thanks!

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •