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?
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.
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.
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.
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?