Rob, Renter in Port Townsend, WA

looking for a 600 fico va loan

Asked by Rob, Port Townsend, WA Tue Sep 7, 2010

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Jessica Bate…, Agent, Beverly Hills, CA
Mon Oct 14, 2013
You can get an VA loan with under a 600 middle score with some lending institutions but not many. I would recommend finding a broker or service to help you locate a reputable lender that can approve your loan at a decent rate. I have client's who have got approved and received a good rate at The Lenders Network with FHA and VA home loans. If anyone can find you a loan they can!
1 vote
Invstnlfp, Home Buyer, New York, NY
Thu Aug 4, 2016
I work for a direct lender in the mortgage industry who offers FHA VA, and USDA loans in 47 states down to a 550 credit score. Are lowest score we accept for government loans are 550 when most lenders require a 620 and brokers a 580. You need to have two years of income with a score over 550 with bankruptcies discharge date 2 years and over. We have basic guidelines and a pretty easy process. Feel free to text me or call me anytime up to 10:00pm Eastern with any questions.
Brian Young 214-797-3479
0 votes
Trevor Hunti…, Agent, Port Townsend, WA
Wed Apr 20, 2011

Wells Fargo is currently offering some great loan options for buyers with low 600 credit scores. Kitsap Bank is also doing more portfolio loans again these days and are taking on some loans that many other lenders won't do.

The other thing you can do if your problems are a ways behind you now is have a quick credit rescore done if you think you are ready to jump into the market soon.

Let me know if I can help recommend some local folks for you.

0 votes
Jim Garcia -…, Agent, Castle Rock, CO
Mon Mar 14, 2011
Forget a VA loan, Go check out NACA. They have a much better deal and they do not look at FICO scores, only your payment history. Their website is listed below.
0 votes
Lorena Spill…, Mortgage Broker Or Lender, Destin, FL
Wed Sep 8, 2010
Try having the buyers ask their lender to only finance the sales price. Pay the funding fee out of pocket. I have been successful in getting the VA loans with lower credit scores approved this way.

Lorena Spillar
Bank of America Home Loans
(850) 830-9948
0 votes
Wed Sep 8, 2010
From what I remember VA doesn't have a minimu credit score, however most lenders have a company overlay that creates a minimum credit score of 620 or 640 depending on the lender. Now, it's not entirely impossible to find one lender that doesn't have an overlay or has the guidelines as low as 600. However most of the time when there's no minimum credit score you can't have any/too much derogatory credit.

Call a few local mortgage brokers and see if he/she has any lender that doesn't have a min. score overlay on VA.

Elena Ollick
Amerivest Realty
Faith Home Loans
0 votes
Dave Skow, Mortgage Broker Or Lender, Seattle, WA
Wed Sep 8, 2010
Should be possible with realtive ease

dave skow
guild mortgage
206 714 9745
0 votes
Gerard Dunn, Agent, Chevy Chase, MD
Wed Sep 8, 2010
Find a trustworthy mortgage banker. If you do not qualify because of credit score - they can counsul you on how to raise your score efficiently.
You may have a chance at owner financing or private financing. If you can make a very large down payment - local banks may consider your loan.

Lot loans are NOT FannieMae or Freddie Mac. Most lot loans are portfolio loans and do not necessarily need to comply with Fannie/Freddie loan guidelines.

Good Luck!

Gerry Dunn
Associate Broker - 28 Years

Licensed in Maryland, Virginia and D.C.

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0 votes
Jirius Isaac, Agent, Kenmore, WA
Wed Sep 8, 2010
You are so lucky to live in Port Townsend. I lived there for 16 years before I moved to this side of Puget Sound. I still own 5.5 acres 6 miles out of town & love it there. I am a real estate agent & a loan officer & would love to help you finance the home you deserve as a Vet. Please feel free to call me any time tomorrow on my cell at 206-841-9976. If you cannot call free of charge, just send me an email with your phone number & a good time to call and I would be happy to do so. We can do the entire loan via email & fax, so we do not even have to get together at all unless we want to. If you do not have a real estate agent over there, I would be happy to refer you to someone local as well, or maybe even come show you homes on a day trip to PT because I am always looking for an excuse to come over there.

I hope to hear from you soon,
Jirius Isaac
Web Reference:
0 votes
MARSHALL REI…, , Jupiter, FL
Tue Sep 7, 2010
There are minimum requirements to obtain a VA loan. Wells Fargo has been giving loans wth 600 FICO scores. Contact them to see if you qualify.
0 votes
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