Buying first home with VA loan and average credit score?

Hi there: If your husband can qualify for the 250K which I can go over with you, then a VA loan would be suitable since you mentioned no down payment is available from your end. Note that VA will charge a VA funding fee (1% to 3%) unless disable last I checked...VA offers arms and fix rate. Closing costs we can also assist in the process. Worse case if your scenario does not qualify for a VA, I have private investors that will lend with NO MI also. Mike (703 505 5300) mconvin@stconvininc.com

Your situation is perfect for a VA loan with no money down. To reduce your upfront costs, have your Realtor negotiate with the seller to pay all or most of your closing costs or see if your lender can help you with them. Too bad you are in Washington, I would love to work with you!

Hi Mindy Marie. When you say he "has a VA loan," I have to assume that you mean that he has his DD-214 and possibly his COE. With no down payment, a VA guaranteed home loan is ideal as there is none required. The VA funding fee for first-time use is 2.15% and that can be financed into the loan. You will definitely ask your Realtor to negotiate that the seller pay up to 4% the sale price toward your closing costs and prepaids. Be advised that VA does scrutinize the debt-to-income on more stringent guidelines; however, their minimum credit score requirements generally mirror FHA. Hope that helps and happy home shopping.

VA would be a great alternative for you. Also there are some terrific buys here in Washington State. Where are you looking?Steve Sexton steve@1800valoans.com 877-376-0223