Credit score and qualifying for VA mortgage

[kt5858]

For the past year, I have been in the process of rebuilding my credit.  I know the Myfico scores I obtain are different from the ones the lenders use (and the Lender scores appear to be lower).  I am just trying to find out when I might be in a position to finally apply for a mortgage.  As of today, My FICO scores are 642 (not good),659 (not good), 662 (good).  Should I atleast wait until I can get that middle score to a 660? 

Any advice would be greatly appreciated! 

[juggalo9er]

i believe va only requires a 640 mid score but there are many more stipulations than just score

[ShanetheMortgageMan]

What is on your credit that is bringing your scores down?

[kt5858]

@Shane.  They are paid charge offs, late mortgage and car payments, which all started in 2007-2008. Last late car and mortgage payment were in 2012. 

[ShanetheMortgageMan]

Since they are all over 2 years old, as long as you've had at least 12 months of re-established credit since then, your chances should be pretty good.  I'd just keep chugging along with making your payments on time and when you feel you are ready, have the lender check credit for the pre-approval.

[Anonymous]

My lender told me that for the VA loan you need at least a 620 middle score.  Mine was 613 and he gave me some stuff to do to raise my score so my salary can be included in my husband's VA pre approval - he got pre approved with just his scores but adding my salary will increase our pre approval which is what we want to do.

[ShanetheMortgageMan]

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@Anonymous wrote:

My lender told me that for the VA loan you need at least a 620 middle score.  Mine was 613 and he gave me some stuff to do to raise my score so my salary can be included in my husband's VA pre approval - he got pre approved with just his scores but adding my salary will increase our pre approval which is what we want to do.

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They just require a 620 score, VA doesn't have a minimum score requirement.  But if you like the loan officer, then increasing your score by ~7 points could be very well worth it.