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Question about a VA loan

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Babdah
Established Member

Question about a VA loan

I have been researching about a VA loans and the minimal credit score that is need, but the problem is that I cannot find it. I have read that VA loan will look at the applicant's past repayment practices on obligations and have made satisfactory payments for 12 months after the date of the last derogatory credit item. Now I understand that there is a difference between the VA standard and an underwriters, but with this description does my credit score still have an impact? Because I have no late pays or anything in the past 12 months so would I qualify for a VA loan? Yes I am a veteran? 

Starting Score: 587EQ, 662TU, 656EX
Current Score: 701EQ, 716TU, 620EX
Goal Score:800EQ, 800TU, 800EX


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Message 1 of 7
6 REPLIES 6
lpayton
Regular Contributor

Re: Question about a VA loan

Babdah,

 

It depends on the lender.  If you are around 600, contact wells fargo mortgage.   They are the lender that I found that will aprove you with anything less than a 620.

 

Good Luck.

 

 

Message 2 of 7
YHWHUDAH
Regular Contributor

Re: Question about a VA loan

Hey,

 

Most VA loan scores are not score driven, but most lenders want at least a 620 to 640 midscore because they will sell your loan on the secondary market. The other poster said try wells fargo. I did USAA and they wanted a 620. The higher you are above the min the greater the chance of you closing. Good luck.  

Capital One Cash World MasterCard 7500, PenFed World Visa 6500, USAA Military Affiliate Visa 2000, Capital One Platinum 2500, Affas Military Star Card 8700, Affas Take It Home Today 4900, Orchard Bank Platinum 1500, Orchard Bank Silver 1300, Lowes 5000 and Chase 500.

Closed on USAA Mortgage Dec 23, USAA Auto Loan 42000 Mercedes Dec 30

Credit Scores: EQ 656 TU 669 EX 679 All Lender Pulls Oct 2011
Message 3 of 7
Anonymous
Not applicable

Re: Question about a VA loan

FWIW, when I was checking into VA loans a month or two back NavyFed rep said they don't look at scores.  He said as long as you meet the VA's requirements you are in.  I don't know how accurate that was and was honestly surprised to hear him say they don't have any minimum score requirements.  I wasn't quite ready to start the app process so it didn't go any further than that one phone call. 

Message 4 of 7
Babdah
Established Member

Re: Question about a VA loan

Thank for all the great info, I am making the calls tomorrow for more information on this from wells Fargo and Navy Fed.

 

So now I guess how do I go about finding information about the interest rates for the VA loan?

Starting Score: 587EQ, 662TU, 656EX
Current Score: 701EQ, 716TU, 620EX
Goal Score:800EQ, 800TU, 800EX


Take the myFICO Fitness Challenge
Message 5 of 7
Anonymous
Not applicable

Re: Question about a VA loan

We are in the final stretch of a VA loan and yes they do look at the scores, needed to be 640 or better.

Message 6 of 7
mateotyson
Established Member

Re: Question about a VA loan

before I got orders overseas I was told no one would look at me with scores below 630.

Message 7 of 7
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