Financing in Wichita>Question Details

Jeff Manbeck, Home Buyer in Benton, KS

VA loan in Wichita, KS. I have a 620 credit score

Asked by Jeff Manbeck, Benton, KS Tue May 14, 2013

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Byron Tucker’s answer
I just have to jump in here again, as there are a number of inaccuracies below. Yes, it is possible to obtain VA financing with that score, first and foremost. VA guidelines weigh heavily on residual income, along with a number of other traditional financing items to consider. With that score, your assets, and even though the VA is 100% financing, there may be a down payment involved as well. Its LAPP underwriter discretion a lot of times at this point. So please do yourself a favor, if you are indeed looking to apply for a VA home loan, then simply look to a mortgage banker/professional to obtain your actual information in order to make a decision or at the very least get you on the proper path in order to apply successfully for VA financing. You are more than welcomed to go to to apply online, if you prefer.
1 vote Thank Flag Link Mon May 20, 2013

You need to interview several lenders to see what products or loan packages are available. Lenders vary in types of loan packages and interest rates. I am working on two VA home mortgages right now with different lenders, different loan products and differen interest rates and both required a minimum 640 credit score. Personal debt is also a big factor as with any loan.
1 vote Thank Flag Link Tue May 14, 2013

It is possible with that fico score to get VA financing, however I suggest to simply apply online for a more concrete look at the scenario. You can easily go to and use the apply now feature. Only takes a few moments, and we can get you on the proper path!
1 vote Thank Flag Link Tue May 14, 2013
With that score it will be near impossible to secure your VA loan. If that is what you are asking. But if you are asking if we will consider you for an owner carry on your next home while you are still owning your other home with a VA loan, that depends on what you are going to do with that home (turn it into a rental or sell it to us, or exchange your home for another with ours). Otherwise, we do know that you must have 700 or better on credit score and then if you have any other VA loans open, they must be closed out. The government has gotten very tight in their regulated lending practices since the housing bubble of 2008-2009. I hope that helps.
0 votes Thank Flag Link Mon May 20, 2013

If you are shopping for a loan, don't have a lot of mortgage companies pull your credit. Each pull will drop your score. Stay away from on line lenders, like Lending Tree, where they "Compete for your business". Each lender on lending tree will pull your credit, dropping your score several points.
You need to work with a lender, locally, who is willing to help you raise your score, by guiding you through what will improve your score to 640 or better. Do not do it yourself, without guidance, you could make it worse without meaning to lower your score. Lending is always the first place to start when looking for a home. I can recommend lenders who do VA and will help you with your score.

LeAnna Beat
0 votes Thank Flag Link Sun May 19, 2013
I've always heard that if you do your "shopping" within a 30 day window, agencies like FICO, will not dock points for each credit pull conducted. Instead, they will see that you are merely shopping for a lender and the best rate. Now if you had 3 seperate credit pulls spread out in three consecutive months, that will hurt you. Is this not true?
Flag Fri Jun 7, 2013

Please let me know if you need assistance finding the right home once you become pre qualified. I am a licenced real estate agent, here in Wichita and I'm also a veteran from the Marines. I would love to work with you to find a home!

Sabrina Gentile
0 votes Thank Flag Link Tue May 14, 2013
I'm a veteran too and have done some VA loans. There's a TON of information on the VA Website. I also know some lenders who could help you! Feel free to call or email me! 316-305-4080
Web Reference:
0 votes Thank Flag Link Tue May 14, 2013
First; thanks for serving.
Second; is that 620 the high score or the middle score?
It sounds like you have already tried.
Some lenders may go your bond, if your DTI is low enough. It would be up to the Lender.
Keep trying to raise that score.
0 votes Thank Flag Link Tue May 14, 2013
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