While HUD, does not have a minimal credit score requirement for VA loans, or even FHA loans, most lenders have a credit score requirement of at least 640 or higher in order to successfully fund and close a VA home loan. If your credit score is 640 or better, you meet them credit score eligibility…
You will need to have a middle credit score of 620 or better for an FHA mortgage. Additionally, this is for single-family residences and you have to have two months of mortgage payments saved/liquid in the bank. 620 FHA credit scores are good I’m purchase transactions on loans to $417,000.
People thinking they can qualify for mortgage loan financing, learn after their credit report is pulled their credit score has dropped and they either cannot get the interest rate they were hoping for or they cannot in some cases get a mortgage loan at all. Action steps to get your credit score up pay down…