VA loan approval odds.

[Anonymous]

 I've started a new home build, nov2019 and was preapproved from guaranteed rates $350,000 and 40k down payment for a purchase price of 390k.  My credit score was at the time 690 680 670.  Long story short my credit score dropped significantly.  580s. I had to switch lenders.. My closing date is August 14. I went with Quicken Loans and they were able to do a rapid rescore after I paid off a navy federal balance off  4700$ cc and a 240$ Military star card. Equi 633 trans 696 and exp 590( hasn't updated yet.)  I also had a miss payment on my military star card, 30 day late in jun2020. All of my balances are $0.  I have a car payment of $325/mo and income of 52k a year. no collections or bankruptcy on my report. I do have 1 NSF on my bank statement from june2020. 
 
The loan estimate is 10k down and 2.33% with .5 pts and paying off my car with a balance of 7k 

 I have 36k in savings.  And will use 40k in gift funds to pay for closing and down payment.  

[Anonymous]

Update: va is wanting me to put 5% down, unless I get my score up 7 pts( from 633)

[VALoanMaster]

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@Anonymous wrote:

Update: va is wanting me to put 5% down, unless I get my score up 7 pts( from 633)

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Hi @Anonymous,

VA is not the one requiring you to put 5% down unless you get your score up to 640. That is Quicken's requirement & if they're telling you differently, they're being intentionally dishonest.