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VA Loan Credit Score Requirements, Miami Florida

VA Loan Credit Score Requirements, Miami Florida, can be more lenient than conventional mortgage programs, but there are still VA Loan credit score requirements in order to be approved for a VA loan. Most banks require a minimum 620 middle credit score from the three major credit bureaus, however we can close loans down to a 600 middle score nationwide for our veterans. If you know your credit scores to be higher you are in a prime position to start your VA Loan Application. If you know your scores to be lower we are here to help.

Types of imperfections on a credit report that may affect your VA Loan Credit Score Requirements

va loan credit score requirements

  • Collections
  • Late payments
  • Judgments

VA Loan Credit Score Requirements for Bankruptcy.

Bankruptcy does not immidiately disqualify a veteran borrower. The general rule of thumb is the bankruptcy must be discharged at least for two years if it is a chapter 7. Chapter 13 has slightly different conditions and must be viewed on a case per case basis.

VA Loan Credit Score Requirements for Foreclosure.

Foreclosure is still another issue that will be a deciding factor in qualifying a veteran for a VA loan. If a previous foreclosure is on a VA loan, that may change the amount of entitlement available to be used.If the foreclosure was within 1-2 years of applying for a VA loan there are a couple things that are taken into consideration that may still help qualify a veteran:

  • If you have obtained credit following the bankruptcy and made satisfactory timely payments

  • If reasons for the foreclosure were above and beyond the control of the veteran-Loss of job, medical bills, divorce, loss of a business etc.

    • Plan ahead and improve your credit if necessary.

    When applying for a VA loan, work in advance to reconcile issues on your credit report by paying collection accounts in full or setting up payment plans with judgments against you.

    Here are several things you can do to better prepare your VA Loan Credit Score Requirements va loan credit score requirements

    • Get a free copy of your credit report in order to review
    • Letters from creditors stating balances have been paid in full
    • Pay credit card bills down to at least half of what open credit in on card
    • Secured credit cards can help re-build credit

    Close excess credit cards that are open only keeping necessary and low interest rate credit cards open—to much open credit can hurt you qualifying for a VA loan.

    A Recommended Credit Repair company -

    Sky Blue Credit Repair: Our Top Choice among Credit Repair Companies

    Sky Blue Credit Repair has our vote for the best VA Loan credit repair program available. It is our opinion that they have taken the business to a whole new level. This is far more than just a dispute factory. Sky Blue focuses on making sure you are left with truly usable credit – credit that meets prospective lender VA Loan Credit Score Requirement guidelines so you can really benefit in a tangible way.

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    Posted Tuesday Oct 20