VA mortgage loan next to unpromising credit (580) or regular mortgage loan next to fitting credit (780)?
Which is the better deal?? Why?
Thanks!!
Answers:
Your credit score is your credit win - if you can't qualify for a regular loan with 580, you certainly won't qualify for a VA - especially since they don't require a down transmittal making your payments higher. Any loan with a dutiful credit score is better than the alternative.
EDIT: Okay - i thought this was a hypothetical put somebody through the mill. I think I would check both avenues with both name on the loan and see what offers you get formerly making a decision. The good point about a VA is that it's guaranteed by the government and you may not hold to pay for PMI (not sure about that though - be sure and check) if your downpayment isn't 20% of the property significance. Might want to wait until you're married before committing to a mortgage if both name will be on the title (and of course he would have to be on title for a VA loan regardless) - a lender may be smaller amount inclined to approve beforehand if you need both incomes to qualify. They're so cautious right in a minute, that anything you can do to alleviate their fears will work in your favor.
Regular with virtuous credit. Less restrictions
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Thanks!!
Answers:
Your credit score is your credit win - if you can't qualify for a regular loan with 580, you certainly won't qualify for a VA - especially since they don't require a down transmittal making your payments higher. Any loan with a dutiful credit score is better than the alternative.
EDIT: Okay - i thought this was a hypothetical put somebody through the mill. I think I would check both avenues with both name on the loan and see what offers you get formerly making a decision. The good point about a VA is that it's guaranteed by the government and you may not hold to pay for PMI (not sure about that though - be sure and check) if your downpayment isn't 20% of the property significance. Might want to wait until you're married before committing to a mortgage if both name will be on the title (and of course he would have to be on title for a VA loan regardless) - a lender may be smaller amount inclined to approve beforehand if you need both incomes to qualify. They're so cautious right in a minute, that anything you can do to alleviate their fears will work in your favor.
Regular with virtuous credit. Less restrictions
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