Posted on: 29th Sep, 2012 02:58am
A VA loan is a popular mortgage program which is guaranteed by the Department of Veteran Affairs and issued by the private lenders. If you are a member of military, veteran, reservist, National Guard or the spouse of a military member, then you may be eligible for a VA loan. One important feature of this loan is that you are not required to make any down payment for a certain minimum amount of loan. Like in other types of loans, here also, your credit score plays a key role.
Here it is to be noted that no minimum credit score has been stipulated by the Department of Veteran Affairs to become eligible for a VA loan, but lenders usually ask for a credit score of 620 to approve a VA loan. When you apply for a VA loan, lenders check your credit rating with major credit bureaus -Equifax, Trans Union and Experian. Before applying for a VA loan, you must request a copy of your credit report for review. If there are credit report problems, you need to sort out those problems before applying for it.
Here it is to be noted that no minimum credit score has been stipulated by the Department of Veteran Affairs to become eligible for a VA loan, but lenders usually ask for a credit score of 620 to approve a VA loan. When you apply for a VA loan, lenders check your credit rating with major credit bureaus -Equifax, Trans Union and Experian. Before applying for a VA loan, you must request a copy of your credit report for review. If there are credit report problems, you need to sort out those problems before applying for it.
Hi there, I am a Veteran and want to get a VA loan to buy my home. Does anyone know what credit scores I would require to get a VA loan?
VA does not have any separate requirement for credit scores. However, lenders have their own internal requirements. They normally offer loans to borrowers who have a credit score of 620 or more.
Welcome Veronica,
The various requirements to get qualified for a VA loan can be found out from this given page: http://www.mortgagefit.com/blog/va-things-know/ .
The various requirements to get qualified for a VA loan can be found out from this given page: http://www.mortgagefit.com/blog/va-things-know/ .
Thanks a lot for your replies... That was of great help n special thanks to Adonis for that page. It was worth it!! :)
Welcome Veronica23,
Apart from credit scores, you will have to meet various other eligibility criteria to qualify for a VA loan. You will have to be a member of military, veteran, reservist or National Guard in order to get qualified for a VA loan. Apart from that, if you're a spouse of a military member who dies while on duty, then you can even qualify for a VA loan. VA loans provide the option of "no down payment" which makes it very attractive amongst the eligible borrowers.
Apart from credit scores, you will have to meet various other eligibility criteria to qualify for a VA loan. You will have to be a member of military, veteran, reservist or National Guard in order to get qualified for a VA loan. Apart from that, if you're a spouse of a military member who dies while on duty, then you can even qualify for a VA loan. VA loans provide the option of "no down payment" which makes it very attractive amongst the eligible borrowers.
Being a Veteran, there is no particular requirement for a credit score. Tthe mortgage lenders have their own requirement when they approve the loan request of any borrower. If your credit score is 620 or more than that, then you will be able to qualify for a VA loan. Apart than this, to become eligible for a VA loan, you need to be a member of veteran, military, National Guard or reservist. Since the borrowers do not need to make any down payment to take out this loan, it is very popular amongst the home buyers.
Unlike the conventional loans, credit requirements in case of a VA loan is not that much stringent. To get approved for a VA loan, you have to produce the necessary certificate proving that you are either a veteran, active duty person, reservist, national guard member or a surviving spouse of an ex-military serviceman.
Like conventional mortgage loans, credit score requirements for a VA loan is not that much stringent. Though the Department of Veteran Affairs has not stipulated any credit score requirement, but usually VA lenders ask for a minimum credit score of 620 to give approval to VA loans.