We need to improve your credit score. There are several ways to do that, but I usually recommend you start by paying down credit cards. If you don't have a credit card, then go open a new one (preferably a secured bank card).
In many cases, (not all) we can go down to a 600 score on a VA loan.The key is getting with a company that can go to a lower credit score or work on your credit score to get it up the 15 - 20 points you need...usually paying down credit cards (or opening a new credit card if you don't have any credit cards) is the best way to get the most points in the shortest period of time.
The short answer is yes. You can potentially qualify for a loan. Which loan program and how much loan will depend on lots of things including credit score, down payment, and how your taxes are filed.
What type of loan are you in?If it's FHA then you could still close a streamline refinance...if the loan is anything else it will be difficult to close.Is anyone else on the current loan with you?Jay