VA Loan Credit Score Guidelines have no minimum score requirement. Banks and Lenders set their own VA Loan credit guidelines.
VA Loan Credit Score Guidelines will vary from Lender to Lender. While the VA does not have a minimum required score. Banks and Lenders typically require a 620-640 credit score. There are a handful of lenders that offer VA loans with a 580 credit score.
VA Certificate of Eligibility
If you do not have your VA eligibility letter get one here. Your Lender can get this for you. This document is required for a VA loan.
If you do have poor credit and would like to apply for a VA loan. You will need at least one compensating factor to strengthen your loan application.
VA Loan compensating factors.
- Low debt to income ratio
- No unpaid collection accounts
- Employed at your current company for 5 or more years.
- 6 months of mortgage reserves in savings
VA Loan Guidelines
- Minimum credit score of 580 with no down payment
- VA loans are only available for primary residence occupancy
- 12 months from discharge of bankruptcy and have re-established good credit.
- 12 months from date of foreclosure or short sale and have re-established good credit.
Lenders have been increasing their minimum FICO score mortgage requirement. Fill out the form below to see if you qualify for a VA loan with low credit scores.