I qualify for a VA loan. My lowest credit score should be 630 next month due. How far away am I from engaging a lender to get pre-qualified?

Asked by paul_jason_rodriguez, Plano, TX Fri Oct 5, 2012

My lowest score is 605 right now

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Tricia Delgado’s answer
Tricia Delga…, Agent, Plano, TX
Sat Oct 6, 2012
You area ready NOW. Interest rates are at the lowest around 3%. Check with a lender to start the process. Then be ready to see some properties. Great new properties coming on the market daily. This is an exciting time to be buying a home. Best of luck to you.
1 vote
robinmill54, Home Buyer, Kissimmee, FL
Thu Nov 14, 2013
There is no minimum credit score required for a VA loan. What is important is what is in your credit report that makes your score low. The 2 open collections is what will most likely disqualify you.

• Maximum DTI for a manually underwritten loan is 46% and veteran must meet the residual requirement with compensating factors (VA has only one ratio)
• Although there is no minimum FICO, the veteran must meet the ratio requirement and have residual income 120% over that required for family size
• VORs or 12 months cancelled checks for the last 12 months’ rental history with no lates
• No derogatory credit within the past 12 months
• Letter of explanation for any derogatory credit and credit inquiries
• Note: VA considers open collections as recent derogatory credit; this would count if the collection was reported within the last 12 months. Recent short sale of a previous mortgage or a previous foreclosure for the veteran or the non-purchasing spouse will be a substantial negative issue in a veteran’s credit review (regardless of DU approval)
• No down payment assistance programs allowed
• Any VA cash-out refinance cannot exceed 90% LTV/CLTV
1 vote
jeff12345, Home Buyer, 90210
Thu Oct 31, 2013
Randy Roberts stop spamming Trulia. The Lendersnetwork is a scam buyers beware. They hire people to creat fake profiles and spam Truila.

Look at Randy Roberts profile he has 100s of spam comments left on blogs. This company uses companies overseas to create fake profiles to leave comments all over the internet to promote their company.
1 vote
Dixon Wong, Agent, Dallas, TX
Sat Oct 6, 2012
Hi Paul,

Please let me know if you want me to refer you to my broker's VA lender. They would able to give you a good idea on how and when to get to the target score to purchase.

You can email me at dixondfw@gmail.com

JP and Associate
1 vote
Dallas Texas, Agent, Dallas, TN
Fri Oct 5, 2012

It is all based on your "middle score" of the 3 credit reports. Who knows you might be quailfied now . Recommend contact mortgage broker determine status based on your loan application completed.

Contact my office Saturday where I can show you many amazing homes work with your family specifications and lender requirements

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
News Personality On Air Radio Show
Multimillion Dollar Sales Producer

Follow me on Facebook
1 vote
Sherry Renfr…, Agent, Frisco, TX
Fri Oct 5, 2012
Hi Paul-

GREAT Job getting your score up! I bet that was a challenging road but you conquered it! It's not easy walking that road.

I recommend 2 mortgage companies that can assist and work for you to get to the VA recommended qualifications. I think you you are almost there.

I refer many clients to the these 2 companies because they provide excellent customer service: Jeff Jenasche, Town Square Finabcial, Executive VP, 972-292-7599, jjannasch@townsquarefinancial.com/. Paolo Dentone, Home Team Mortgage, 972-335-5970.

I would be honored to work for you and represent you in your new home purchase. Please feel free to text, email or call if I can help in any way or provide you you more information.

Best regards,

Sherry Renfroe
Ebby Halliday Realtors
1415 Legacy Drive, Suite 100
Frisco, TX 75034
(214) 215-4145
0 votes
Sandy Setliff, Agent, Anna, TX
Fri Oct 5, 2012
Very much agree with my colleagues...a professional mortgage lender can give you the most accurate information and advice. I work with one who specializes in VA loans. Please contact me so I can put you in touch with them, they do great work and primarily serve Veterans.

Best regards in your home search...let me know how I can help!

Sandy Setliff
0 votes
La Donna Hoo…, Agent, Plano, TX
Fri Oct 5, 2012
Hi, you are very close to the magic number of 620, but you should really speak with a mortgage lender to get all the facts. When you're ready I would be happy to assist you in finding your future home:)
0 votes
Susie Kay, Agent, Dallas, TX
Fri Oct 5, 2012
Hi Paul,

I have a really good lender/mortgage advisor who can help you get your score up and give you advice on the best loan for you. Feel free to call me at 469-371-2899.


Susie Kay, Realtor®
United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240


Servicing your real estate need is my priority!
0 votes
Mario Rios, Agent, Plano, TX
Fri Oct 5, 2012
Hi Paul

I have a company that can get you fast results with your credit score and we can put you in your new home soon, so please call me at 214_202_8415.

Mario Rios, Realtor
Global Realty
0 votes
Michele Ciom…, Agent, Van Alstyne, TX
Fri Oct 5, 2012
HI Paul, You can engage a lender right now. I have a lender that will help you get those last few points and their service is free. You could be moved in a couple of months. Just email me and I'll send their info or you can call my cell. Michele@2mtexas.com
0 votes
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