03-26-2012 10:47 AM
I'm hoping someone will see this... Everywhere I'm reading the VA does have a "Credit Score Requirement" however, the lender may require a certain credit score... The mortgage broker I've been talking to is telling me that her investors normally require a score of 640 - 660... (But, she slso tried sugesting we go with a USDA loan instead of VA) But, I'm reading alot about 620 score requirements... We live in Indiana and we were really close to the 620 score but, father away from the 640-660... Can anyone tell me what the normal credit score requirement should be????
07-15-2012 07:18 AM
Hi Loanseeker. Could you also send me the loan lender that you used for your VA Loan. I ran into the same thing just months ago with another lender telling me that FHA is the way to go. I was also told that VA Loans requirements are much harder to get. Please forward me the information if you still can. Thank you.
10-17-2012 05:40 PM
Lenders put their own spin on loan requirements for VA loans which are more strict. My lender told me that the VA didn't require a min score but that they required a 640. I went with my bank for my mortgage bc I had heard that my LO was very good with the VA loan process. Her husband happens to be a veteran and she has in fact used the VA loan herself. She was very good with me and upfront about everything. The only thing the VA does with your loan application is a quick review(underwrite), on the already approved in underwriting by the lender,file. I don't get why people think the VA loan is hard to secure....it isn't in my opinion. It is treated just like any other loan by the bank (other than certain things the veteran not being able to pay or exceed) and is sent to underwriting just like any other loan. The underwriter just looks at your credit worthiness, it doesn't matter what type of loan you have.....just, are you qualified for a mortgage loan....period. LIke i said, after this it's just a quick review by the VA and they sign off. done.
10-17-2012 08:09 PM
LoanSeeker, can I get the name of that bank, too? I am looking to buy a second house and rent the one I am in, but this puts my ratio up there since they won't count the rental income until I have been a landlord for 12 months (or so my current lender is telling me).
In my case they averaged out two years worth of rental income... to offset the rental property mortgage. What is your current mortgage program on the home you will be renting out? In my case; the first home was purchased in 2008... Fha. 2nd home purchased in 2012. Conventional. the.first house was a duplex; so I had 4 yrs worth of rental income on the side that I didn't live in.