Unlike other mortgage programs out there that are open to every and all borrowers, if you are in the market for a VA Loan, you will need to make sure you are a qualified veteran of the US Armed Forces. There is a reason they are VA Loans for a reason so if you aren’t a veteran or qualified spouse, you will have no luck getting these loans whose guidelines are set by the US Department of Veterans Affairs. If you are a veteran, you are not automatically eligible for this loan program as you must meet the following service times below and always have received an honorable discharge:
If you have satisfied at least 1 of the above service times, were honorably discharged, and received for COE or Certificate of Eligibility, you should have your full entitlement of $424,100 to go out and purchase a home. The only time you would not have your full entitlement is if you previously had a VA Loan that was foreclosed on where some of the loan was written off and until that amount is returned, you will never be able to use your full entitlement again.
As with most borrowers out there, the first item they want to know and look into is the Credit Score VA Loan requirements as this is the easiest item to obtain after filling out your application and giving approval for you FICO credit score to be received with your credit history. When you team up with a loan professional at Mortgage Scenarios we can go over Credit Score VA Loan Requirements in an easy to understand manner and let you know exactly what you will be up against when it comes to getting approved for this loan program.
You’re probably wondering what the exact VA Credit Score Requirements are and how they will affect you, well the answer isn’t that simple as there isn’t a minimum credit score required by VA Loan guidelines. This does not mean that any borrower with any credit score can get approved for a loan because for VA Loans lenders will determine which requirements they are comfortable with in approving. You can find yourself working with lenders who try to mimic the FHA guidelines when it comes to Credit Score VA Loan Requirements and you can also see lenders who want 620 or even 640 FICO credit score.
If you want to ensure you won’t be held to a higher standard than necessary, you need to work with Mortgage Scenarios as we only work with lenders who have the most lenient guidelines so that we can get loans for as many of our borrowers as possible. Currently, we are seeing our Credit Score VA Loan Requirements at around 580 FICO credit score or so. We might be able to go lower than this but the borrower will need to have compensating factors to strengthen their loan application.