Would we be accepted for a mortgage?

Question

Husbands credit score is 755 and mine is 722 would we be accepted? We’re 25 and this would be our first home. We haven’t had any major credit lines like a car we bought both of our cars outright and we just have monthly bills. Which aren’t a lot. He’d be using the VA loan and we have a $28k down payment. Which isn’t a lot but it’s better than nothing I suppose. I don’t know much about this process. I plan to speak to someone and get pre qualified and see how much of a loan we can get. Anyone here used the VA loan and had the same credit scores or around these numbers?

Answer

Likely, but it depends on income level and length on the job too. VA doesn’t require a down payment, but they don’t finance some types of houses. Speak to a mortgage loan originator to get a preapproval and know your budget.

Answer

Do you have a good chance, but you also have to know a lot of other things your debt to income ratio, if you have student loans, if you have other credit cards, you also have to have an existing lines of credit to prove that you have a history of keeping credit acceptable, and Hass to be long lines of credit, you also have to have income, needs to be at least two years or more in the same type of job or field, they do verification of employment up to the day of closing. And they need to see your history of income they usually look for 2 to 3 years of taxes, bank accounts, pay stubs that type of thing and they see what you can be approved for up to one amount. No new monies can be in the account or any large deposits, everything has to be seasoned money more than 90 days in the account which is why they look at your bank statements, everything has to be explained with underwriting, even the stupidest things like a corporate address versus a local address, we had to write letters for clients who are buying a home to explain why they would buy a home that’s over 500 miles away from their address that’s on their paystub‘s and W-2s, because it’s common sense at the corporate address not the physical location where they work, sometimes I just wanna be a pain in the ass and ask for all kinds of things during the underwriting process in order to get the mortgage commitment. ￼￼

Answer

From the info you provided, it sounds like you wouldn't have any issue.

Answer

Before getting into the process you need to do some research, learn about it before you do it. Take a first time home buyer course. Your scores and savings are fine, but other things matter.

Would we be accepted for a mortgage?

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