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Minimum Credit Score For VA Loan

Hi, this is Jake with Pilot Mortgage, LLC. Today I’d like to answer the question, what is the minimum credit score for VA loan? I get asked this question probably six or seven times a week. So the quick answer is this:  there is no minimum credit score for VA Loan or no minimum FICO score for a VA loan.

 

So just for a minute, let’s imagine that all of the rules for a VA home loan are inside of this box. So those are called the VA underwriting guidelines. The VA underwriting requirements. The VA doesn’t have a minimum credit score for VA Loan inside that box.  There are minimum credit requirements, such as there can be no recent bankruptcies, no foreclosures in the last three years, no significant derogatory credit in the most recent twelve months, etc.  However, there is no minimum credit score for VA Loan included in that ‘box of guidelines’.

So let’s put those VA loan requirements aside for a minute and let’s focus on the lenders that you, that you hear about on advertised on the internet or through TV or whatever the case is.

Let’s take Wells Fargo, Bank of America, some of the bigger ones. For this demonstration, not necessarily those lenders specifically, but the lenders that you would get a loan from in a local bank.  Some of those lenders take the VA guidelines and they put on top of those guidelines a bigger box called Lender Overlays. Some of those lenders put credit score requirements and work requirements and other requirements that are in addition to the basic, minimum VA loan requirements. So as a rule, there is no minimum credit score for VA loan.

This link is a  document released by the US Department of Veteran Affairs about the VA Guaranteed Loan. 

Minimum Credit Score VA Loan

You’ll see that the last bullet point under key underwriting criteria, it says there is no minimum credit score VA Loan requirement. Instead, the VA requires a lender to review the entire VA Loan profile. That doesn’t mean that there are absolutely no requirements. It doesn’t mean that it’s just kind of a free for all. It does mean that all the lenders that offer the VA loan do have to generally review credit the requirements for Veterans, but there’s no specific minimum credit score VA Loan.

 

At Pilot Mortgage, LLC we’re able to underwrite loans with Veterans’ whose creditscores are as low as 560. If you’ve had a problem with your VA loan requirements with other lenders, I’d love to have a look at your application, see if we can help you out.

Schedule an apointment today or call me at 480.999.3339 to get started.

Hello, my name’s Jake Taylor with Pilot Mortgage, LLC. I invite you to schedule a free 15 minute phone consultation with me as you consider buying, selling or refinancing a property in Maricopa County, Arizona. I have over 18 years of experience as a mortgage broker and loan officer right here in Arizona, including  Maricopa County.

To date, I’ve funded approximately 917 loans successfully. I’m an army veteran, a father of four. And again, I’m here to help you with buying, selling, and refinancing real estate in All of Arizona, including Maricopa County.

I’ve quite a bit of experience with jumbo loans, VA loans, FHA loans, conventional loans, USDA, loan, Self Employed, bank statement loans, and have access to all the different loan types you might need to finance a home and Maricopa county. So contact me today, visit Jake taylor.com to schedule a free 15 minute appointment, or call me at (480) 999-3339 today.

Thank you!

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