david.leach, Home Buyer in Rancho Cucamonga, CA

Using my VA for the first time.

Asked by david.leach, Rancho Cucamonga, CA Tue Sep 4, 2012

Hi I have a feeling that this question has been asked in the past but I have it ask it anyway. I would like to use my VA to purchase my first home, and according to the information that I am seeing all over the web shows as low as 580 and up.
I have also read that if you have a job and can afford the payments you stand a good chance, my scores currently sit at 591, 583, 571. So what I need to know is is there any lenders that can get me qualified with those scores? Also at last calculation I believe that my DTI is around 37% so now I am just looking for advice on how I can get this done.


Help the community by answering this question:


Good morning David,

I'm afraid you should take the time to improve your credit before you undertake the responsibility of homeownership. It's unlikely you'd be approved for a mortgage loan with those scores. Best to put your financial house in order and prepare for the homeownership experience the right way: with decent credit.

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Tue Sep 18, 2012
Call me! I just closed a VA transaction with no hiccups with someone in your situation. Janna
0 votes Thank Flag Link Tue Sep 4, 2012
Actually, VA does not have a minimum credit score per se, however, most lenders have thier preferred low score. Ours is 580.
That being said: why is your credit score so low? Is there a chance we can increase that credit score?? Do you have balances on credit cards pushing the scores down?
With a VA loan it is the credit score and the why with the credit score.

You do need to discuss with a mortgage banker or direct lender that does not have a 620 minimum score (which is where most mortgage are limited).
0 votes Thank Flag Link Tue Sep 4, 2012
David, good evening! The VA loan is a great product. I have had several clients purchase homes with a VA Loan. I believe the credit score and qualification for a VA Loan is case by case if you are below a 620 credit score. If you like I can have the direct lender I work with contact you and pre qualify you? At that point you will know exactly where you stand and what your approximate payment will be. Please let me know if this would work for you? Thank you for your time and please feel free to contact me anytime at 909-841-0243!
0 votes Thank Flag Link Tue Sep 4, 2012
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