I am a veteran. I wanted to use VA loan but my credit is currently in the high 500s. Can I qualify for a VA loan of 300k if I make 80k per year?

Asked by Aminah, Cayucos, CA Sat Apr 27, 2013

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Robert Chomentowski’s answer
Robert Chome…, , San Diego, CA
Mon Apr 29, 2013
My best advice is to contact and experienced loan officer to review your credit to see if you can make some changes to quickly raise your score. There are many things you can do. I do this often. Feel free to call me if you would like me to review your credit with you.
Web Reference:  http://www.socalvaloans.com
0 votes
Alain Picard, Agent, Puyallup, WA
Sat Apr 27, 2013
It will be difficult to qualify for a loan with a credit score in the 500s. Most lenders will want to see at least a 620 or higher. You should probably talk to a lender and see what you can do to get your credit score up.
1 vote
, ,
Mon Sep 12, 2016
Hello Linda, I am a Veteran as well and love assisting Veterans. VA or CalVet are not fico score driven loan programs and some lenders have added minimum fico score requirements and their own overlay guidelines. We have banks that have common sense underwriting and go down to 500 fico score.

There may be issues that have to be addressed with the lower fico scores but your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
0 votes
Eddie W. de…, Agent, Riverside, CA
Mon Apr 29, 2013
I have much experience in VA loans and increasing FICO scores. There are guidelines as far as FICO requirements for VA. Call me and I could break down your options.

By the way, Thank You For Your Service!

Eddie W. de Leon
Senior Loan Officer
NMLS #238369
0 votes
Jaime Becker, Agent, Sacramento, CA
Mon Apr 29, 2013
Hello Ms Gary

Typically a credit score in the 500's is too low to get qualified for a loan. There are other things to look at of course like your income, your debt to income ratios and what is on your credit. The best thing to do would be to talk to a lender so they can take a look at your credit and advise on what you need to do in order to improve your credit and qualify for a loan.
If you don't already have a lender to speak with, I can always refer you to one.

Jaime Becker
Lyon Real Estate
Off: 916-484-3610
Cell: 916-715-7454
DRE# 01737783
0 votes
Eddie Martini, Agent, Auburn, WA
Sun Apr 28, 2013
I have helped several VA buyers achieve success. We need to figure out how to get your fico score up into the 600's. If you prefer you can send a private message here on Trulia or to eddie@bhrparkplace.com.
We can get you set up with my VA specialist and get a game plan together on how to best increase your credit scores. Once you are Pre Approved we can start shopping!
0 votes
, ,
Sun Apr 28, 2013
Ms Gary - nearly all lenders require a 620 mid fico for VA programs, so it would appear you're a little below this threshold...and Sue Archer has given you an excellent credit restoration referral, Blue Water Credit is the real deal

And what source are you using for your fico scores? I ask since many people are subscribing to credit reporting services, but are provided non-fico credit scores, which can be lower than your actual fico scores...

And have you received your Certificate of Eligibility yet, confirming your eligible for 100% financing?

These are just a few of questions I review with my clients, and I've done many VA loans over the years so I'm very familiar with how this product functions...

Let me know if I can be a further resource for you, and please take some time to review some of my other responses so you can get a better feel for how I do business!

Best of luck to you, Jeff Marr
0 votes
Sue Archer R…, Agent, Palm Harbor, FL
Sat Apr 27, 2013
Sorry, one other answer to your question.

Correct budgeting would hold that your housing expense should be no more than 30% of your income, assuming you are balanced at about 40% (or less) of your income covering personal expenses. With the current interest rate of around 3.5-4%, then you can assume that you could afford to qualify. But you need to speak to a lender about how much you can afford depending on your other expenses.
0 votes
Sue Archer R…, Agent, Palm Harbor, FL
Sat Apr 27, 2013
Call Heather Champlin at Blue Water Credit. She can help you repair/correct any credit issues and help you make a plan to improve your score as quickly as possible. She can be reached at 916 315-9190. That company is very reputable and who I use to correct credit problems for my clients.
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