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VA home loan with 584 credit score

My wife and I are trying to purchase a home. Our credit scores are in the 584 range. We live in Montgomery, AL. We have $8,000 towards closing costs. Any hope of us finding a lender? We have impeccable payment history, no foreclosures, bankruptcy is three years old. Thanks for your help :) email me at josh.huhot@gmail.com - 262- nine zero nine zero six zero seven
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June 24 - Montgomery
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Answers (4)

Josh, the VA has no minimum credit score and many banks, including those we work with, will go down to a 550 credit score.  You will need to have some compensating factors to offset our low credit score such as funds in savings, and stable employment. Reach out to a mortgage professional and they should be able to compute your debt to income and let you know how much loan you might qualify for. 
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3 days ago
Hey Josh,

Look for a lender that's approved directly with Ginnie Mae, some will go as low as a 580 FICO.  However, they do have additional requirements such as reserves and a max debt to income ratio of 43%.  In addition, as Rocco mentioned below, they'll still need to obtain an AUS approval.  

 Your best bet Josh, would be to work on bringing that score up quickly.  There's different ways to do so and most seasoned Loan Officer's will be able to guide you.

Best of luck!
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June 25
Most banks have a minimum credit score of 600 on VA loans. On VA loans banks run your info through an Automated Underwriting System (AUS). The AUS looks at your exact scenario then compares it to the millions of people that came before you in your exact scenario to see if your profile historically pays the loan pay on time. Typically the AUS does starts giving approvals at 620 or higher. I hope this helps!!
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June 25
I sent you an email in response to you question.
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June 25
 
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