What kind of credit score do I need to have to get a VA home loan?

What kind of credit score do I need to have to get a VA home loan?

Postby ephron » Mon Feb 28, 2011 5:24 pm

I live in Colorado and I'd like to get into a home in the near future using a VA loan. I've had some bad credit in the past but started working on it for the purposes of buying a home. I have a score in the 620's and was trying to get an idea of where I needed to be at to qualify for a VA loan and what my interest rate might be for someone with my credit score. Any input would be awesome. Thanks!
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What kind of credit score do I need to have to get a VA home loan?

Postby rent74 » Mon Feb 28, 2011 5:26 pm

680 and that will take you about 2 yrs to clean up your credit.
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What kind of credit score do I need to have to get a VA home loan?

Postby newell80 » Mon Feb 28, 2011 5:29 pm

Credit scores are not a major factor in a VA mortgage loan approval. You should attempt to get the very best credit score possible as it would be an indicator of how you pay your monthly debts.

There is no one that would be able to tell you your interest rate even if we knew your credit score as there are other factors that would go into your interest rate.

I don't know when you plan to purchase your house, however, it would be to your benefit to contact a local mortgage company that does VA mortgage loans, apply for a VA mortgage loan pre-approval. In doing this the mortgage company would obtain a credit report with your exact scores. If you are qualified then you would be issued a pre-approval letter, indicating the amount of house you are qualified to purchase, the interest rate and several other things you would find of interest to you.

Your pre-approval would normally be good for approximately 90 days, with the possibility of an
additional 90 days. You might not use it at all.

If you are not qualified your loan officer would be able to tell you the necessary things you would need to do to become qualified. They might even have a referral to a company that might assist you.

Either way you would know where you stand in obtaining a VA mortgage loan.

Getting a VA loan would put you in a position that would not require a down payment on your part. Also you might ask the seller to pay all closing cost. This is called a VA no no. You would be required to pay recurring closing cost those things that you would have to pay each year such as county taxes and insurance.

Make sure you inquire of all your rights and benefits of obtaining your VA mortgage loan. The more information you have concerning your rights as a veteran, you would make more intelligent decisions.

I hope this has been of some benefit to you, good luck.


"FIGHT ON"
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What kind of credit score do I need to have to get a VA home loan?

Postby mikolaus » Mon Feb 28, 2011 5:30 pm

Credit scores are not a major factor in a VA mortgage loan approval. You should attempt to get the very best credit score possible as it would be an indicator of how you pay your monthly debts.

There is no one that would be able to tell you your interest rate even if we knew your credit score as there are other factors that would go into your interest rate.

I don't know when you plan to purchase your house, however, it would be to your benefit to contact a local mortgage company that does VA mortgage loans, apply for a VA mortgage loan pre-approval. In doing this the mortgage company would obtain a credit report with your exact scores. If you are qualified then you would be issued a pre-approval letter, indicating the amount of house you are qualified to purchase, the interest rate and several other things you would find of interest to you.

Your pre-approval would normally be good for approximately 90 days, with the possibility of an
additional 90 days. You might not use it at all.

If you are not qualified your loan officer would be able to tell you the necessary things you would need to do to become qualified. They might even have a referral to a company that might assist you.

Either way you would know where you stand in obtaining a VA mortgage loan.

Getting a VA loan would put you in a position that would not require a down payment on your part. Also you might ask the seller to pay all closing cost. This is called a VA no no. You would be required to pay recurring closing cost those things that you would have to pay each year such as county taxes and insurance.

Make sure you inquire of all your rights and benefits of obtaining your VA mortgage loan. The more information you have concerning your rights as a veteran, you would make more intelligent decisions.

I hope this has been of some benefit to you, good luck.


"FIGHT ON"
If you want to qualify for a mortgage, AND actually be able to hang onto your house, you need:
- credit scores of at least 680-700;
- minimum 3 years track record on the job;
- 20% cash down payment, plus all closing costs, plus 3-6 months of reserves;
- no past-due bills, no collection accounts, low or no debt, car loan (if any) at least 1-2 years old with no late payments.

Max price: 2 to 2.5 times annual income. So if you earn $100,000/yr, you can go $200,000=250,000 on a house if you have the 20% down.

People with less than this are finding that even an "approved" mortgage ends up with last-minute glitches and is unfunded at close. This never used to happen! But if it happens to you, that's a very costly nightmare.

Worse, with house prices still declining, less than 20% down means you cannot afford the house and could end up underwater within a year. Banks/lenders are moving back to tradition lending criteria and traditional affordability guidelines because anything less stringent is a potential disaster for the borrower as well as the lender. If you cannot meet all the above, how fast do you want to lose your new home? 12 months? 18 months? That's happening to people who wanted to jump on the bandwagon and buy in a hurry. Marry in haste, repent at leisure. That's not just about marriage!
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What kind of credit score do I need to have to get a VA home loan?

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What kind of credit score do I need to have to get a VA home loan?

Postby austyn72 » Mon Feb 28, 2011 5:33 pm

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What kind of credit score do I need to have to get a VA home loan?

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Regards
Mrs. Joy Morgan
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What kind of credit score do I need to have to get a VA home loan?

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Loan beneficiary
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