Posted on: 25th Mar, 2011 01:02 pm
I am very irrated - I was wounded severily in Iraq 5 years ago and because I could not work - My family was put into debt. I finally started working for a computer company for about three years and my credit slowly climbed and it is up to 595. But when we applied for a VA Home Loan wer told you need a credit score of 620 or higher. I fought for my country and took huge risks. Why can't banks take a risk on me. This is a disgrace to all veteren's who fought, served and were injured. What is wrong with our goverment?
Hi dab!
Welcome to forums!
I can understand this is a very emotional matter for you. But it is true that for VA as well as FHA loans, you should have a credit score of 620 minimum in order to qualify. For conventional loans, you will require a credit score of 700-720. You need to meet this basic requirement in order to get a loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I can understand this is a very emotional matter for you. But it is true that for VA as well as FHA loans, you should have a credit score of 620 minimum in order to qualify. For conventional loans, you will require a credit score of 700-720. You need to meet this basic requirement in order to get a loan.
Feel free to ask if you've further queries.
Sussane
Hi dab,
Welcome to Mortgage fit,
Government does care about veterans...I can prove that.....VA loans are 100 % financing...One does not have to worry about downpayment...and these loans are only available to veterans...If you are a common guy you need to put atleast 3.5 % down-payment ....
But you are only short of 25 base points... make sure you achieve that by getting a new credit card and paying it on time..it is just a matter of few months...
Feel free to ask any further query if you have....
DIPA
Welcome to Mortgage fit,
Government does care about veterans...I can prove that.....VA loans are 100 % financing...One does not have to worry about downpayment...and these loans are only available to veterans...If you are a common guy you need to put atleast 3.5 % down-payment ....
But you are only short of 25 base points... make sure you achieve that by getting a new credit card and paying it on time..it is just a matter of few months...
Feel free to ask any further query if you have....
DIPA