Posted by Teddog/CO on 4/6/09 2:15pm
Msg #283802

RE: VA loans

Does anyone have any idea what the mininum credit score is now for VA loans.

Thanks in advance folks and have a great week :

Reply by Glenn Strickler on 4/6/09 6:11pm
Msg #283838

I don't know the correct answer to that question, but in the past few months, I have done quite a few VA loans and the lowest credit score I remember seeing was 580.

Reply by Teddog/CO on 4/6/09 6:27pm
Msg #283840

Thanks Glenn :) n/m

Reply by MikeC/NY on 4/6/09 6:40pm
Msg #283841

I've been told by our in-house LO at my real estate brokerage that 580 is the lowest credit score for an FHA loan, so it makes sense that it would be the same for a VA loan. I will check with her tomorrow.

Reply by Sylvia_FL on 4/6/09 6:55pm
Msg #283842

Maybe these links will help

http://www.veteranloancenter.com/va-loan-faqs.html

12) Does it matter what your credit score is with the VA?
The VA doesn�t put an extraordinary amount of weight on credit scores, but does look for a clear 12 month history.

http://www.vamortgagecenter.com/faqs_credit_reports.htm

Reply by Shoshana Roller on 4/7/09 7:50am
Msg #283901

VA is more liberal than FHA.

Many lenders have increased their minimum acceptable FICO for FHA loans to 620. VA is probably still at 580.

Reply by MikeC/NY on 4/7/09 7:12pm
Msg #284031

Re: VA is more liberal than FHA.

I checked with my LO today. FHA and VA are both now at 620; VA mirrors FHA, except that you need a letter of eligibility to get a VA loan.