This video and its contents are not intended for residents or home owners in the states of MA, NY or WA.
VA does not have any written or specific requirements for a minimum credit score. Here at Low VA Rates, neither do we! VA loans look more at your overall credit history and take a more “human” approach to approving loans. Many other lenders have hard fast rules and do not take into consideration your history. Suppose you got injured in combat or suffer from military related injuries and your medical bills are hurting your credit score. We take that into account.
The mortgage industry has some general rules. If you have a score under 620 then it becomes very difficult to find financing or VA loan approval at many banks and lenders. Again, here at Low VA Rates we do not follow that industry standard.
Your credit score can affect your interest rate or closing costs however. We can many times get someone with a low credit score the same rate or fees that we can someone with a high score. There could be occasions where someone with higher scores has more loan opportunities or better rates available.
Here is a range of credit scores and what they indicate. 580 or lower (Poor Credit) 580-620 (Ok Credit) 620-660 (Good Credit) 680-720 (Great Credit) 720 plus (Excellent Credit)
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What does my credit score need to be to buy a home with a VA loan? rates of duty column 2 | |
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| Education | Upload TimePublished on 2 Jan 2015 |
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