Where to get a VA Home loan mortgage for low income but good credit, cautch 22, MINNESOTA?
I just got out of the military last year and am looking to buy a home w/ a VA home loan. I’m in college full time and working for the federal gov’t part time. Because I only work part time my income APPEARS to be very low right now temporarily while I am in college. I have a rather high credit score of 724, but here is the cautch 22. I figure in order to get approved I would have to show a higher income such as adding my wife to the mortgage. But she has very bad credit score. So what do I do? I have the good credit score but temporarily not enough income, she would add to the income but lower the credit score. The funny thing is, the homes we are looking at we could afford easily with our eyes closed no problem. We have been paying nearly 00 a month rent for the past year on time perfectly and I never miss a payment on anything but do lenders ever look at that kind of thing, perfect rent payment history?
Any advice? Any suggested VA mortgage lenders in MINNESOTA?
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Tags: bad credit, credit score, federal gov, full time, funny thing, home loan, Mortgage Lenders, part time, payment history
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It really depends on your wifes credit score. With FHA if she has over a 580, normally that’s not an issue. If it’s over 560, it is more difficult but can be done especially since your credit score is good. 530-560 we can still do but this is a very difficult loan to get through and we have to have some compensating factors.
We work in Minnesota so if you need additional help, feel free to email me. We are a mortgage banker so our guidelines (or many mortgage bankers guidelines) are more flexible than a regular bank.