I want to apply for a VA loan, this will be my first one ever. What do I need to know about the process?

My credit score says 628 Some one says 581 (low) Do not wast our time

Asked anonymously

2 Answers

Log in or sign up with email
By submitting you agree to our Terms of Service
Answered by James L Roberts, Independant Consultant in Lake Worth, FL
A Low credit score is not the end of the world, and knowing your credit score is a great place to start. One of the benefits of qualifying for a VA loan is knowing that there are answers to your questions and that there is a lot of advice available for those who diligently seek it out. The hard part is sifting through that advice to sort out the truth from the misinformation. As information as with all things in life, it is always purest at its source. So I suggest finding out from the VA what the credit score requirements are, and obtaining your credit scores from all three credit reporting agencies. Once that is accomplished, research credit, find out how to raise your credit score as well as how to protect your credit. Finding individuals with great credit and asking them if they would teach, mentor, and advise you on how to build, maintain, protect, and use your credit wisely is also a great idea. King Solomon, the wisest man on earth once stated that "plans succeed with many advisors." Thus indicating the importance and wisdom of having multiple advisors to help you successfully achieve your plans. | 12.09.15 @ 04:28
Comment
Log in or sign up with email
By submitting you agree to our Terms of Service
$commenter.renderDisplayableName() — {comment} | 12.03.16 @ 07:05
Answered by Barry Harris, Mortgage Banker/Broker in Folsom, CA
A good loan originator will help you with this process as the VA will state it is up to each investor what they will accept as a minimum FICO. Chances are though that if your FICO is between 580 & 628 you really need to find out why you're in that position as there are some issues that need to be addressed so you can get your credit in order and be better prepared to buy a home. A good LO will guide you through this and help you along the way providing you are motivated and willing to make the effort to do what it takes to get your credit score to a much higher level. VA won't need your score to be a lot higher but if you're financial position isn't in good standing and if you don't have all your debts under control and on the way to paying them off, you're probably not quite ready to buy a home yet. Sit down with a Loan Originator in your area, and get a 2nd opinion to confirm what the LO is asking you to do. Striving to be debt free with the exception of your mortgage and possibly a car payment will do wonders for your credit score and your ability to buy your first home in the future. | 12.15.15 @ 19:42
Comment
Log in or sign up with email
By submitting you agree to our Terms of Service
$commenter.renderDisplayableName() — {comment} | 12.03.16 @ 07:05
Log in or sign up with email
By submitting you agree to our Terms of Service
Free MoneyTips Membership!

Get FREE, full access to MoneyTips.com

Answered by

Related Questions

Q&A
Asked by Carla Truett