Posted on: 01st Apr, 2010 01:43 pm
What lenders use the lowest credit scores? for VA and FHA? I'm stuck at 620
Local Portfolio Lenders that service their own loans are the only ones left doing under the 620 credit score. Please specify your location and someone within the community may be able to guide you better. I hope this helps...
Hi Guest,
You can definitely get an FHA loan at a credit score of 620. This is said to be the minimum credit score required to get an FHA or a VA loan at an affordable rate and term. Certain local lenders may allow VA or FHA loans at credit scores less than 620. But most of them would like you to have a score of at least 620. However, your credit score should be free from other negative items. If you have any bankruptcy, foreclosure, short sale, etc. on your credit, they need to be at least 2 years old for you to qualify for the loan.
You can definitely get an FHA loan at a credit score of 620. This is said to be the minimum credit score required to get an FHA or a VA loan at an affordable rate and term. Certain local lenders may allow VA or FHA loans at credit scores less than 620. But most of them would like you to have a score of at least 620. However, your credit score should be free from other negative items. If you have any bankruptcy, foreclosure, short sale, etc. on your credit, they need to be at least 2 years old for you to qualify for the loan.
Hi,
If your credit score is 620 you can get an FHA or a VA loan as the the minimum requirement is 620 however a VA loan you can get regardless of your credit score. If you have any short loan you can pay it off and tell the lender to report to credit bureau so that your credit score can raise.
If your credit score is 620 you can get an FHA or a VA loan as the the minimum requirement is 620 however a VA loan you can get regardless of your credit score. If you have any short loan you can pay it off and tell the lender to report to credit bureau so that your credit score can raise.
I know of several lenders that still lend down to a 580 credit score on an FHA loan. Depending on the state and down payment, they might even go lower. Do your research. They are out there.
