Best advice is to wait. Most lenders that I work with have set a floor of 640 on government guaranteed loans. In the odd event that you are able to get approved below that floor, your rate will eat you alive.
@elcid89 thank you. I wondered about that but, the rep at Wells Fargo was telling me that it'll be at 3.5% VU 2.95% how will those eat me alive?
If Wells is willing to do 3.5 and VU is willing to do 2.95 at those scores without a boatload of conditions or a nasty buyer contribution at closing, which honestly shocks me, then I'd say go for it. I'd get a lock commitment in writing to the rate though.
Wells told me 620, I guess the reps all say different things but, it's awesome if they will take 600. VU offered you 2.95 WOW ! They offered me 3.5 with scores of (673,712,680 Lender pull)