Forgotten Your Password?

Need to Register?

Question Icon

Am I able to get a VA loan with a credit score of 590 and no down payment?

by darin798 from Rogers, New Mexico. Nov 17th 2015 Reply


I can do 100 % va with a 560 fico call me at 505-507-4701Thanks for your service! Phil Hills

Nov 17th 2015
1
0
William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

Yes and no.. You will find lenders advertising that they allow for credit scores down to 580, 560 or even 500, but understand that lower the score, the more strict the guidelines are and few that apply actually get approved.. Also understand that it takes more than a credit score to get qualified.. so the real question is "Why?" Why is your score so low? BK? Foreclosure? Short Sale? Unpaid Student loans? Judgments? you could have a 750 credit score, yet with one of these credit deficiencies, you still might be denied.. For this reason, I suggest you contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. 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, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Nov 17th 2015
1
0
Larry Gray (lgray_312_247)
#4 ranked lender in California - 1,127 contributions

I hope you are able to work something out since some lenders can do VA loans with lower scores. It is allowed but a number of lenders have overlays on top of what the VA allows in its regulations per insuring the loan. Just remember to make certain the person you choose to assist you has experience in doing loans with credit scores under 600. For example...I know of a couple of instances where one lender who sometimes funds loans for under 600 mid fico scores, denied a couple of loans another would have done. For instance, one lender may not allow any late payments of any kind for the past 12 months and another allows 1 30 day late. It is best to get a Underwriting pre-approval in advance...not just a loan officer pre-qualification or pre-approval. They will issue something that your loan officer can show and thus guarantee you will not be purchasing a home only to find out you got declined in Underwriting.

Nov 17th 2015
0
0
Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,106 contributions

Yes, that is available. You may need to do some searching because there are some lenders who require a minimum 600 or even 640 credit score for VA. However, there are also plenty who can do below 600. Of course you still have to credit, debt and income qualify. Best to speak with a local loan officer or two and see what they have available for you. There also might be something you can do to get your score above 600 giving you more options or a better interest rate.

Nov 21st 2015
0
0
Subscribe to our news feed.