Need VA Lender that will actually still use 620 mid score.

[Anonymous]

I have been encountering lenders like Veterans United who used to use 620 min midscore but now are doing 640 min. My husband is fine but I am at 637. I have a plan of what to pay off. Although none of this matters because once we sell our home, the equity will go towards revolving debts. I am just trying to get the ball rolling since my hard pull was already done and I have the 14 day window to shop around with other pulls. We have a higher DTI but make over 150K annually and have 3x the needed residual income and have 20 percent equity in our current home. They dont even look at our financials because of me not meeting the 640. 

[MauiMan85297]

There's plenty of lenders that will take a 620 score, as long as the rest of the profile meets guidelines you would be good.  I know Navy Federal is 660.  I just closed on my VA loan (but essentially did my own loan) and each lender could have their own "overlay" due to this COVID thing.

[VALoanMaster]

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@Anonymous wrote:

I have been encountering lenders like Veterans United who used to use 620 min midscore but now are doing 640 min. My husband is fine but I am at 637. I have a plan of what to pay off. Although none of this matters because once we sell our home, the equity will go towards revolving debts. I am just trying to get the ball rolling since my hard pull was already done and I have the 14 day window to shop around with other pulls. We have a higher DTI but make over 150K annually and have 3x the needed residual income and have 20 percent equity in our current home. They dont even look at our financials because of me not meeting the 640. 

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Hi @Anonymous ,

Thanks to COVID, a lot of lenders changed their minimum credit score requirements to help offset the increased risk of COVID related defaults down the road.

There are lenders that will go below a 640 score. Another thing that can effect a lender's minimum score requirement is whether or not your file is approved through an automated underwriting system (AUS). If your file has to be manually underwritten, most lenders will require a higher score.

Do you know if any of the lenders have run your file through an AUS?

[Anonymous]

I do not believe they did but I can ask to double check. 

[NC_Mtg_Loaner]

FInd a loan officer that works for Guaranteed Rate, Inc.--they'll originate a VA loan with credit scores of 580