HOW CAN I USE MY VA HOME LOAN CERTIFICATE WITH BAD CREDIT AND MY WIFE HAS GOOD CREDIT?
Question by Ron:
How can I use my VA home loan Certificate with bad credit and my wife has good credit?
We found a great deal on a great dream home. My wife has been pre-approved for a 150k home. The home we are attempting to purchase has been countered at 165k We are prepared to put down 6k. That leaves a 9k gap.I am a veteran and would like to use my VA garantee on the loan if possible to either cover this gap or get 100% financing.
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Answer by LinkTheWorld
As far as I know VA doesnt really care about credit. You should be doing a JOINT application with you and your wife, so you can use your VA status for 100% financing.
I am sure with your income you would be able to get approved for the 165k or higher even depending on what you bring in.
It should not be that hard to add you to the application so call your mortgage person monday morning and tell them what you want to do!
Good luck.
Answer by Sgt Huge Red
As long as one of you has a good score you should have no trouble getting a VA backed mortgage.
The only problem is the VA will have to come out and do a home inspection to see if it is worth the price and also to make sure the seller takes care of any defects. This is where negotiating comes into play.
The VA is strict when it comes to the condition of the home. You should ask if the home has an assumable VA mortgage already.
Hope this helps answer your question.
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