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Can anyone help a disabled veteran with bad credit get a VA loan in the Prescott, Az area?

My husband and I are looking to buy a home, but his scores are below 620 from missing payments while he was young and in the military. We have been trying to work on his credit, and he is on time with all of his payments in the past year and even has a secured credit card to further help him build his credit. With all of this, it seems like it is taking forever because of his past mistakes. He has a secure federal job now and the only obstacle is his score. Does anyone have any advice? We are paying more in rent than we would be with a mortgage.. 
  • February 23 2013 - Prescott Valley
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Answers (21)

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  • 4 days ago
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It sounds like you have made good progress and have some good factors in helping you get a loan approval. I can go as low as 500, but every situation is unique for scores below 620. I am happy to provide you guidance.
  • August 07
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We can do loans with scores as low as 580.  I would love to help

  • June 03
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You can qualify for VA financing with scores under 620. The VA actually allows for credit scores as low as 500. Of course most banks do not honor that guideline and have self imposed restrictions that limit them to working with veterans who have scores above 620. We don't see things that way. We honor the 500 score guideline with veterans who display the ability to repay the loan. If you have any questions about VA financing or how to qualify please feel free to contact me. I can be reached through my Zillow profile or through my website. Best of luck!
  • June 02
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I can help you and I'm here in AZ.. But before you attempt to help improve his credit, you need to talk to a professional...  I've see folks actually hurt their credit scores by attempting to do their own repair.. ..   I'm a Broker here in Scottsdale AZ and I only lend in Arizona.  If you or someone you know is looking for financing options, feel free to contact me or pass along my information.  William J. Acres
  • May 09
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Thank you for your service!
 The VA doesn't actually have a minimum credit requirement. Decisions on whether or not someone will lend to you is based off of your entire financial situation. I have seen people in the Low 500s get approved for a VA loan. I would be happy to help you out. Feel free to reach out to me, and I can take a look at what options are available to you.  
  • May 08
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VA pricing is not different for 580 credit or 620.  Our bank can offer the same exact rates.  I just want that to be clear to everyone.  You are not penalized for having a score from between 580 - 620.

Thank you!
  • November 07 2013
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Yes! While in most cases for favorable loan pricing you want to have a FICO score higher than 620, the VA will lend on scores down as low as 580.

The VA's loan for disabled vets is the best loan program on the market. Truly second to none!
  • November 06 2013
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Yes, there are lenders who can lend on VA loans down to a 530 fico with 10% down and 580 score with 100% financing.

Good luck and if you have further questions, contact me through my profile!
  • October 29 2013
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  • October 29 2013
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There most certainly is a way to get a VA loan.  IF your credit score is truly the only thing causing a denial, it can be corrected in a timely fashion.  The challenge is knowing which trade lines to address.  If you try to fix all of your "bad credit", you can just as easily drop your scores.  The trick is to fix only what is applicable to your situation and goal. Stick with it!
  • July 26 2013
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Y es there is a VA prospect that you should be able to take advantage. I'm a mortgage broker, also a veteran. [Spam removed by Zillow moderator due to violation of Good Neighbor Policy.] Kef Harvey is my name.
  • July 10 2013
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I'm assuming your husband is receiving service connected disability income, which means you would be exempt from the "funding fee" that the VA typically charges. 

We have an investor that will allow for 530 FICO scores.  It is possible to obtain VA financing with less than perfect credit.  The nice thing about VA loans is that there is 100% financing available. 

  • July 10 2013
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Hello,

Thank you for your service ! There are many lenders that have the 620 credit score overlay to use VA. We have a couple options available with scores less than this. We also have an in house credit team to help get your score up to the 620 which has better case scenario pricing . 

[Self-promoting content removed by Zillow moderator due to violating of Good Neighbor Policy.] I am available any time.
  • July 03 2013
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First off thank you for your service! There are not really any score requirements for VA loans, lending has became more common sense these days. Don't let someone tell you that you need a perfect score for VA. If you went through a tough time that can be explained, which it seems like that was the case then you need a letter of explanation and you shouldn't have a problem at all getting a VA loan.
  • June 30 2013
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  • March 28 2013
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Hi SunnySide4Now,

Based on just the credit score you report, there are a few lenders who will approve a VA loan with this score & even lower.

 [Self-promotion removed by Zillow moderator] if you have any further questions, I'd be glad to help. 

All the best, 
Ros 

Roswell Moore, CMPS 
Certified Mortgage Planner 

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  • February 24 2013
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The best thing to do is to get your scores up, that should not be a problem for you considering your scores are within range for improvement.  
  • February 24 2013
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Profile picture for sunnyside4now
Well we pulled his Experian and it said 625; but the other ones seem to be lower. If we could use my credit score that would be awesome because I have excellent credit; the only problem is I am not working at the moment as I am staying home with our baby. If I were to get a PT job on weekends, do you think that they could take my score into consideration? 
  • February 24 2013
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Wayne, is correct you want to talk to someone who can help you look at the entire picture and even seeing how to improve your scores if they are below 620.  From what I have read it sound like you have been making efforts in rebuilding your credit and by being on time for the past year your scores should have improved.

How do you actually know that his scores are below 620?
  • February 23 2013
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When is the last time you had a copy of your credit scores?  Would like to assist you but only do loans in TX.  If you don't see a reply from an AZ lender soon, go to Find a Pro tab above and put in AZ.  There are several loan officer listed, Greg Merino for one, that you can contact thru their profile for assistance.  By pulling a credit report they can verify current FICO scores, and review your other income, employment, etc details to determine what your options are now or hopefully in the near future. Thank your husband for his service and good luck.
  • February 23 2013
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