What Credit Score is needed for a VA Home Loan?
October 13, 2008 by Eleanor
Filed under Loan Programs
If you are applying for a VA mortgage loan – you need to know that there’s not a PUBLISHED minimum score… but that’s not to say that you will be approved just because you’re a veteran if you have “skanky” credit!
The VA Handbook says:
“In circumstances not involving bankruptcy, satisfactory credit is generally considered to be re-established after the veteran, or veteran and spouse, have made satisfactory payments for 12 months after the date of the last derogatory credit item(s). When the underwriter analyzes the borrower’s credit; it is the overall pattern of credit behavior that must be reviewed, rather than isolated cases of slow payments. Account balances reduced to judgment by a court must either be paid in full or subject to a repayment plan with a history of timely payments. If you re-establish good credit over 12 months, you can re-apply for a VA loan at that time.”
Our experience is that you need at least a 580 credit score on all three bureaus to get loan approval.
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