We are looking to buy a house between 80,000-120,000 and have a credit score of 550...is it possible to get approved for a VA home loan.?

Asked by Amie P., Nampa, ID Sat Aug 20, 2011

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Bob Modesitt, Home Seller, Lawrenceville, GA
Sat Jul 7, 2012
Not too sure about the 550 for VA but I have a program that is not based on a "credit score." Please call me at (864) 546-0137 so I can explain.
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Emmett Realty…, Agent, Snellville, GA
Thu Jun 21, 2012
I have lenders that want at least a 600 to 620 score but with VA a 550 could be possible.
Contact me at dannyemmett@emmettfamily.net or call 404-771-8629
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Shawn Ryan R…, Agent, Belleville, NJ
Wed Dec 14, 2011
are you a veteran? that's the first question.
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, ,
Sun Aug 21, 2011
Most every lender is going to have a 620+ or 640+ minimum credit score for VA loans. With a 550 credit score, it sounds like there are some serious credit issues that need to be addressed. You generally should not have new payments in the last 12-24 months. Very often, old collections accounts are often still being reported as being recently late. You need to get a copy of your credit report from each bureau then start working on addressing each issue one at a time.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Conventional | FHA | FHA 203K Renovation (Streamline & Consultant) | HomePath® |
HomePath® Renovation | VA | USDA | GA Dream
Web Reference:  http://www.rodneymason.com
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, ,
Sun Aug 21, 2011
VA? No. But perhaps FHA. With a 580 score , it may be done. I say maybe because score isn't everything. The profile of the credit is what they want to see: how many active accounts do you have? How many with collection over $5000? Have you filed bankruptcy before? Does the bad credit happen every year or was it a one time incident? Are you at the credit limit on your accounts? What's causing your score to be so low? From that, a lender will ask: how much have you saved up? Nothing? If nothing, where are you spending your money? If money saved, why aren't you paying your debt? Brutal huh? That's the way it is today. If you'd like, call me and I'll advice you how to get your scores up or where to go to get credit repaired. 404 644 3295. Ask for Bill.
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, ,
Sat Aug 20, 2011
Although the VA does not require a minimum credit score, most lenders will require you to have at least a 600 mid score. There are a few lenders who can go down lower than that, but my recommendation would be to take a little time over the next 30-90 days and work on bringing your scores up a bit, it will only serve to better your options for a lower rate and paying less fees. Find yourself a local Loan Officer and have them give you a credit analysis. It's free and you might just learn something that will help you avoid having credit issues in the future. Or for further information, click on the link below.

Best of Luck!
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