Home Buying in Peabody>Question Details

Christa, Home Buyer in Copperas Cove, TX

can you get a VA Loan with a 557 credit score?

Asked by Christa, Copperas Cove, TX Sun Mar 21, 2010

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It is possible. You need to speak with a lender and review your credit report. It also depends on compensating factors, such as your down payment, income, and bank reserves. Feel free to contact me. I am located in Woburn, MA.
Web Reference: http://savvyborrowers.com
1 vote Thank Flag Link Wed Mar 31, 2010
Probably not. While VA doesnt technically have a min credit score,most lenders have their own requirements. And any lender is going to closely look at your credit profile to determine your reliability. If your credit score is 557 I'm sure it's for a reason. Work on improving your credit scores and try later when you have a better grasp of your finances
0 votes Thank Flag Link Sun Mar 21, 2010
Doubtful.

Best bet is to meet with a mortgage banker to determine how to best raise your score to 620 or above.
0 votes Thank Flag Link Sun Mar 21, 2010
Yes, it's possible to get a loan-- however they do look at your credit activity for past year--also see links for additional information.
http://www.homeloans.va.gov http://www.valoans.com
0 votes Thank Flag Link Sun Mar 21, 2010
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