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My credit score is 507, I have steady employment, and qualify for a VA loan. What are my chances of getting a loan?

by nate.m_681_735 from Minneapolis, Minnesota. Mar 15th 2012 Reply


Steven Brand (stevenbrand)
#3 ranked lender in Minnesota - 121 contributions

Great info for your question. Like most folks said... visit with a local "mortgage guy" and the probable recomendation will be to look at another introduction to a trusted Credit Repair Specialist who can guide you to get your credit scores high enough to qualify for that awesome "no money down" VA loan that you deserve. www.YourFavoriteMortgageGuy.com

Mar 15th 2012
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Dan Eveland (daneveland)
#19 ranked lender in Minnesota - 15 contributions

Thank you for your service Nate. Need to get that score up! www.whatisyouraddress.com

Mar 15th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

The only way anyone can answer that question is to look at your COMPLETE profile... the score is very low... but why... lenders have minimum score requirements.. Most want the score to be 640 or above.. Some will go as low as 500, but the guidelines are very strict... My guess is because your score is so low, there will be major credit restoration necessary before you can get a loan.. Keep in mind that VA only guarantees loans against default, they don't lend money... the lenders who have the funds to lend have their own set of guidelines. Best advice I can give you is to contact a local mortgage broker, not a bank, and have him look at your complete profile... once he can see the complete picture, he will know what the necessary steps will be to help you get financing in the future.. WilliamAcres.com

Mar 15th 2012
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Jeremy Redlinger (JeremyR)
#29 ranked lender in Minnesota - 191 contributions

With a credit socre of 507 your chances of obtaining a mortgage are very slim. You should familiarize yourself with how credit works and is calculated so you can begin to repair your credit to obtain favorable home financing. Here is a link about how credit works to help you get started... http://www.newhomemortgagemn.com/how-your-credit-score-is-calculated/

Mar 15th 2012
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Michelle Garcia (MyGarciaTeam)
#53 ranked lender in Washington - 6 contributions

Nate, You will need to talk to a mortgage professional who can show you what needs to be corrected or improved on your credit. Ask for help in getting your score up. A great mortgage professional will want to help you and earn your business. Thank you for your service!www.mygarciateam.com

Mar 15th 2012
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,431 contributions

You need to be careful here. Everyone is suggestion you work with a credit restoration company. My caution is don't just use a any old credit restoration company. Many of them believe that just disputing a negative item will improve your score. Although it can, lenders require the dispute to be removed as a condition of the loan, and then your score falls again, making you ineligible for the loan. VA only establishes your eligibility for a maximum loan as part of your VA benefits. The lenders that actually make and fund the loan have lending criteria that requires "Satisfactory" credit, including a minimum credit score. What is satisfactory credit and the minimum credit score does vary between lenders, but are very similar.Work with a local Mortgage Banker/Broker to find out WHY your credit scores are poor. These are the things that will need to be addressed. Once they are, your scores will improve to allow you to qualify for a loan. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Mar 16th 2012
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