Posted on: 26th Jan, 2010 07:53 am
What are the minimum credit requirements with VA loan?
as with fha loans, 620 is the threshhold for most lenders. that's not to say you can't find a lender who'll accept a lower score; just that they're fewer and farther between.
credit guidelines for a VA are very similar to an FHA loan
620 is the low...and you 'may find' lenders who will do it lower but you will need to have other compensating factors like low DTI and/or large downpayment (low LTV)
620 is the low...and you 'may find' lenders who will do it lower but you will need to have other compensating factors like low DTI and/or large downpayment (low LTV)
Hi Theresa,
Getting a VA loan is much easier than getting other kinds of mortgage loans. However there are some credit requirements for getting a VA loan. Generally the lowest score needed to get a VA loan is 620. Along with this the mortgage history is important too. You need to be at least current for 12 months. Your credit report showing any collections, any late payments or judgments can affect your ability to get a VA loan.
Getting a VA loan is much easier than getting other kinds of mortgage loans. However there are some credit requirements for getting a VA loan. Generally the lowest score needed to get a VA loan is 620. Along with this the mortgage history is important too. You need to be at least current for 12 months. Your credit report showing any collections, any late payments or judgments can affect your ability to get a VA loan.
