Home Buying in Dallas>Question Details

Tybrooks86, Home Buyer in Dallas, TX

can you get approved for a VA home loan with a 430 credit score? I make a stable income just poor decisions were made when I was younger.

Asked by Tybrooks86, Dallas, TX Fri Feb 3, 2012

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Contrary to popular belief, VA loans for those with bad credit are actually easy to qualify for if 1) you have no outstanding collections, 2) no outstanding judgements, 3) stable income, 4) a median credit score of 620 or higher. This is because VA loans were designed to be a benefit to the borrower.

The VA Home Loan Program was created in 1944 as a thank you for service personnel returning from World War II. This home loan guarantee is designed to make buying a home easy, affordable, and safe.

The “easy” part of the design is to make the loan accessible to borrowers with less than perfect credit.

One of the main purposes of the program was to cut the common hassles of obtaining a home loan such as good credit, down-payment, closing costs, etc.

Many veterans who have spent time overseas lack positive credit. Others lacked the funds for a down-payment. To change this, the government found that one of the best way to assist veterans after their completed service was to help them get a farm or a home.

VA loans bad credit A few changes have occurred over the years, including an increase in the amount veterans may borrow and the ability for active duty to apply to get a VA home loan.

The maximum $0 down loan limit currently varies between $417,000 to over $625,000 depending on what county you plan to buy in.

The VA Loan Program gives lenders the assurance that the loan will be paid for and gives veterans the support needed to obtain a house.
Referral link:- http://valoanguidelines.org/apply-for-a-va-loan/
4 votes Thank Flag Link Mon May 4, 2015
If your low credit score can't be attributed to anything other than careless handling of debt, you still can be approved for a VA home loan. It may take some time, but that time can be as little as one year to pay off judgments, liens and collections and start paying other debts on time.

If you have old credit issues that have been satisfied long ago but you haven't established new credit to offset them, loan officer Selena Wheatley advises VA mortgage applicants to use the 12 months to open a credit card account or two. Charge minimally on them and pay them off monthly or over the course of three or four months. This will allow the credit card companies to report your responsible handling of credit and that you pay them as agreed.

Reference Link: http://vastreamlinemortgage.net/
2 votes Thank Flag Link Mon May 11, 2015
Unfortunately you cannot. You should get with a loan officer or lender who can help you work on your scores. That is pretty low as far as scores go but if you can do some things like set up about 3 secured credit cards and installment loans that report to the credit bureau you may be able to turn your credit around quickly. Depending on what is causing your scores to be that bad it may take a while but you need to get started along the correct path. Find a lender who will take the time to get you where you need to be.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
listings@dongroff.com
1 vote Thank Flag Link Fri Feb 3, 2012
VA mortgage benefits that only come with a VA mortgage:

Easier qualification standards
Less strict credit and income standards
No down payment required
Bad Credit Score VA loans Down to 550!
VA HOME BUYER LOANS or VA MORTGAGE REFINANCE


http://www.florida-mortgage-lenders.com/va-mortgage-florida.html
0 votes Thank Flag Link Sat Aug 8, 2015
VA mortgage benefits that only come with a VA mortgage:

Easier qualification standards
Less strict credit and income standards
No down payment required
Bad Credit Score VA loans Down to 550!
VA HOME BUYER LOANS or VA MORTGAGE REFINANCE


http://www.florida-mortgage-lenders.com/va-mortgage-florida.html
0 votes Thank Flag Link Sat Aug 8, 2015
I can direct you to a credit repair specialist.
Call Me!!!

Catrina Scroggins Realtor
214-298-9574
c.scroggins@kw.com
0 votes Thank Flag Link Fri Jun 26, 2015
If you need help to raise your credit scores fast,
We specialize in raising FICO scores dramatically, in weeks, not months or years.

As a matter of fact with one of our most recent clients we raised his score from 552 up to 729 in 3 weeks.

Hope This Helps

Contact Us!

IZM Credit Services
800 N Rainbow Blvd
Las vegas, NV 89107
(702) 758 - 3799

IzmCreditServices.net
0 votes Thank Flag Link Sun Apr 19, 2015
I can direct you to a credit repair specialist.
Call Me!!!

Catrina Scroggins Realtor
214-298-9574
c.scroggins@kw.com
0 votes Thank Flag Link Fri Apr 10, 2015
Are you able to obtain a loan now? If not let me know and I have a lender who specialized in VA loan. If you credit is still low I can connect you with a credit repair company. 620 is usually the minimum credit score for a VA loan.

Let me know if you still need assistance, you can call me or text me.

Good luck!

Susie Kay
Realtor & Certified Home Stager
United Real Estate
469-371-2899
http://www.dfwdreamhomes.net
0 votes Thank Flag Link Fri Apr 10, 2015
That's pretty low, I got my VA loan with bad credit through The Lenders Network but it was in the 580 range, I think that's the lowest you're going to find anywhere.
0 votes Thank Flag Link Mon Nov 18, 2013
You will need at least 1 620 credit score so you need a good lender and a good credit restoration guy.
0 votes Thank Flag Link Fri Feb 3, 2012
You will need at least a 640 fico score. You can call any lender of your choice (use someone locally) and they will pre-qual you for FREE. They will also give you tips on how to fix or clean up your credit some. NO one can erase bad credit only fix it so you can score a little higher. Hope this helps.

BEST OF LUCK.

Kenny
0 votes Thank Flag Link Fri Feb 3, 2012
No.
You have to have demonstrated some kind of willingness to pay obligations in the past. A 430 doesn't show that at all.


http://dallasloanguy.com/wp-content/uploads/2011/11/about_cr…

Here is a free e-book about credit. It will help you rebuild your credit


Tom Burris
Mortgage Banker
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
tomburris@dallasloanguy.com
Lending all across the entire Great State of Texas!!
NMLS# 335055
0 votes Thank Flag Link Fri Feb 3, 2012
Yes, 640 is the new norm
Yes, it will help toward recovery if you choose a lender now. In addition check out the Texas Veterans benefits website link below.
Persevere!
0 votes Thank Flag Link Fri Feb 3, 2012
I'm sorry to be the bearer of bad news but you cannot get a VA loan with credit score under 620. You will probably need to be at least in the mid 500's to get any type of a loan at all. My recommendation would be to start working with a mortgage lender that specializes in credit repair to get you in the position to purchase a home. Best of luck to you!
0 votes Thank Flag Link Fri Feb 3, 2012
About 200 point short. Suggest you work with a good lender to help you clean up your credit score. Let me know if I may give you some recommendations.
Ralph VanDuzee, Ebby Halliday Realtors, 214-695-2986
0 votes Thank Flag Link Fri Feb 3, 2012
Best clear your credit issues then apply for a loan

Thank you for your services to our country

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Fri Feb 3, 2012
with Credit scores that low you cannot get a VA loan credit scores must be 620 .. and some lenders are going to
640. if you have any questions feel free to contact me and I will see if I can help you.
0 votes Thank Flag Link Fri Feb 3, 2012
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