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VA Loan with credit score in high 500's.

We are working on our credit, but are in the 580-590's. Are there programs for low credit VA loans? Or do we need to wait? by timothy.f836 from Brooklyn, Connecticut. Dec 14th 2015 Reply


Larry Gray (lgray_312_247)
#566 ranked lender in California - 1,127 contributions

Yes. Look for a Broker/Mortgage Banker experienced in doing V A loans inConnecticut to assist you in qualifying. We do our VA loans here in CA startingwith a minimum of 580 mid fico score. A number of lenders will have an "overlay"that does not permit that low of a mid fico score, but there are Brokers specializing in doing VA loans from 580 up. You do not have to limit yourself to advertisers of VA loans alone, as there are experienced VA lending reps at many independent brokers or mortgage banks in your area.

Dec 14th 2015
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John Schweer (johnschweer)
#9 ranked lender in Missouri - 158 contributions

First off thank you for your service.... In a short answer yes, but keep in mind you will pay to play.... ie the rate will be higher than if your scores were higher. Also their can be overlays that will prevent you from doing the loan regardless of the score. I am a Veteran myself & a VA Loan specialist for over a decade.... I'd be happy to have a conversation with you regarding your situation and give you some free unbiased information.... one veteran to another V/r John 816-412-3568

Dec 14th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

Much more info would be needed to properly answer your question.. First, it takes more than a credit score to obtain financing, and we would need to know all 3 credit scores of all borrowers to advise you properly.. but the real question would be "why?" why is your score so low? BK? Foreclosure? Judgement? Unpaid Taxes or student loans? etc,, you could have a 750 score yet with one of these credit deficiencies, you still might be denied.. this I know.. there are lenders who have a minimum score of 580 to obtain VA financing.. but understand that the lower the score, the more strict the guidelines and few that apply actually get approved. If you wan to know exactly what you qualify for, you should 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

Dec 14th 2015
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