Recent VA Loans? - Anyone Applied or Approved

[firemartinez1980]

If you have applied for a VA Loan or have been approved for one in the last few months, please leave some info below.

• What month did you apply
• Current Credit Score when applied or approved
• What Lender did you use
• Any restrictions due to Covid-19

If you rather PM me the information that is fine as well. I am just trying to get info before my Wife and I apply.

Thank You!!

[Anonymous]

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@firemartinez1980 wrote:

If you have applied for a VA Loan or have been approved for one in the last few months, please leave some info below.

• What month did you apply
• Current Credit Score when applied or approved
• What Lender did you use
• Any restrictions due to Covid-19

If you rather PM me the information that is fine as well. I am just trying to get info before my Wife and I apply.

Thank You!!

• February 
• 720
• Veterans United
• No restrictions due to Covid-19

[Anonymous]

Applied: April 2020

Current Credit Score: 640-650ish

Lender - Rocket Mortgage

I originally tried with Veterans United, but thats when that whole Corona virus thing started, so they wanted a minimum credit score of 660 across all 3. Glad I went with Rocket Mortgage, got a 2.99% rate with a bankruptcy on my record and bad credit. 

https://www.rocketmortgage.com/

[rsalgado19]

We applied in Late April.

Mid score was 644. Minimum needed was 640.

Nova Home loans. 
No restrictions. Everything went fast. All inspections and appraisals done within two weeks. Just waiting for final approval. 

[firemartinez1980]

Thanks for the replies and congratulations on the approval's!!

Has anyone been approved with credit around 615-620??

[oreopanda]

Applied May 14, 2020

veterans United, USAA, and NFCU

received pre approval all 3 for max VA amount

husband is 714 and I'm 694

no restrictions

[homeloanexpert]

Believe it or not, some of us lenders did not change our minimum credit score requirements for FHA, VA, or USDA. For example, I can still go down to 550 on VA and down 500 case by case. But when you have a score less than 620, the fee to cover the rate starts to increase. The lower the score, the more expensive it becomes.

I have a VA borrower right now with with a 605 middle score. I priced out his loan last Friday and the rate was in the upper 3's% but there a 1 point cost. We used to be able to offer higher rates so borrower didn't have to pay points, but after CORVID-19, that has changed things due to how mortgage backed securities are trading on the secondary market. But I'm sure like all things, this too will pass. 

[Anonymous]

@homeloanexpert have you noticed any changes with GUS credit score requirements? I was denied for low credit score with a 645 mid score last week through GUS I was under the impression that GUS only required a 640?!

We are switching to FHA but I am worried that the same thing will happen when put through their AUS.

[homeloanexpert]

@Anonymous

Why are you switching FHA, we can do manual underwritten loans on USDA RDL. Are you pushing the 29/41ratios?

[Anonymous]

@homeloanexpert  I am in the great state of Illinois where everything is still shutdown so they are not doing any manual underwrites. Our dti was 39%. She specifically said it was our low credit score so I am assuming GUS raised the minimum score. I am super worried that it will be the same for FHA!