Profile picture for pyt23v

Can we get a VA loan with 609 credit score?

My husband is a veteran with a credit score of 609. We have been communicating with a lender who has given us tips to improve his score but unfortunately cannot approve us below 620. We have paid off all debt on his credit report and opened a secured card. We have been trying to be patient but our lease ends this month and our landlord is only willing to give us until the end of August to live month to month after that we will have to resign our lease for another year and put our home buying dreams on hold. We have spoken to Wells Fargo who approves VA with a score of 600 but we were told we had not had our secured credit cards long enough, we have had the first one since mid January and the second since April. I am wondering are there any legitimate lenders out there who would work with us or should we just sign our lease and wait another year or so.
  • May 04 2014 - Waldorf
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Answers (6)

Profile picture for New American Funding
Traditionally what you will see is FHA and VA Lenders offer loans with credit scores of 580 or more.

Technically these are over-lays in that there is no min score that you MUST have under either one of these products.

The good thing about a Lender who offers both FHA and VA is they have underwriters that will follow the guidelines and look at an entire loan file and not just a credit score.  This will require detailed letters of explanation as to what happened - what was the incident that dropped the score and what has changed.

We do offer loans for those with scores less than 580 based on the entire loan file.  This can include your debt ratio as well as income left over at the end of the month once all the bills are paid, was the incident that pushed our credit down an isolated incident, do you have reserves.  Your ability to repay is the key - can you truly afford the home.  All of this is taken into consideration.

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  • May 23 2014
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Profile picture for CraigKam
580 CREDIT SCORE IS OK ON VA/FHA LOANS
  • May 22 2014
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The big thing you have to consider is why is your credit score so low? was it caused by a BK? Foreclosure? etc. There is no actual minimum credit score for a VA loan and many lenders can go as low as a 580 score depending on if you can get an approval or not in the automated underwriting systems. I have seen people get approved with low scores, depending on other factors (income and assets). Feel free to reach out to me if you have any more questions, I would be happy to look at your situation and help you out.

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  • May 05 2014
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VA loans are great loans to consider. They have many benefits and are exclusive to veterans. The benefits include competitive rates and a 0% down payment. The minimum credit score needed for this type of mortgage is 580. Since your scores are above 580, you should be fine when it comes to credit. The best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • May 05 2014
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Profile picture for pyt23v
I am a stay at home mom right now and we are giing to put the loan in his name only.
  • May 05 2014
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Profile picture for wetdawgs
A measly 11 points?  Surely your lender can give you some better hints at improving your scores.   >11 points in a month or two should not be a problem. 

How are your scores and does will your income be contributing to the purchase?

  • May 04 2014
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