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Can I get a VA home loan with a median credit score of 601?

I'm a disabled veteran in Jackson County Oregon.  I am told I need a credit score of 640 or above.  I'm looking to purchase a land/home package.  Is this possible?  My income is approximately 55k a year.  I do owe back child support but have made full payments since 2008.  Credit Scores are Equifax:554  Experian:614 and Transunion:601.  Approximate loan amount would be 250k.
  • January 21 - Medford
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Answers (6)

There are some lenders out there that can go as low as 580, and sometimes 560 for VA loans. So if you are above that range then you should be able to get a mortgage. Although, if you do spend some time fixing your credit, you will be in a much better position that will allow you more flexibility. The best thing for you to do is to speak with a lender such as myself to see if you can get started on financing a new home. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!

  • January 21
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It is not so much of your credit score as it is the reason why you have that credit score.  For instance a lot of times for a VA home loan purchase if you have any outstanding collections, any judgments, charge offs, or any recent late payments within a 12 month period it will impact your ability to obtain a VA home loan.

If you would like to discuss your individual situation please feel free to contact me and I will assist to the best of my ability.
  • January 21
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Yes, while there is other factors that may apply my bank can do as low as 600. I lend in all states so please feel free to contact me through my profile so I can assist you in any way.
Thanks!
  • January 21
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Of course you can. Part of being a part of the service is having that option to access your VA loan.
  • January 21
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Hi Scottybear70,

Yes, you can be approved for a VA loan with a mid credit score of 601. Not many lenders will accept a credit score this low. Please feel free to contact me directly if I can help you with any questions you may have.

All the best,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
  • January 21
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Hello,


Our bank can lend on scores as low as 600.  There are other factors that will need to be considered in regards to what is reporting on your credit.


We are licensed to lend in all 50 states and I specialize in the VA programs.

Contact me through my profile and I can get you some more information.
 
  • January 21
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