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Mortgage Research Center — NMLS #1907
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The VA does not have a minimum credit requirement. It simply requires that borrowers represent a satisfactory credit risk. But ultimately VA lenders issue the loans, and in the current economic climate these lenders are looking for solid credit scores. It's up to them to determine whether or not your credit score meets the benchmark they set. If you find that your credit score falls short, there is still hope. There are a number of ways you can raise your credit score to meet a lender's benchmark and receive the loan you deserve.
First, remember that the only acceptable co-borrower on a loan is a spouse or another veteran. It's important to note that if there is a co-borrower, such as your spouse on the loan, both parties on the mortgage will have to meet both VA and lender requirements.
For example, most married couples pursue a VA home loan together, with each obliged on the mortgage note. There are many different reasons why, but usually a husband or wife may not have enough income to purchase the home of their dreams on his or her own. Adding in that second income of a spouse can sometimes do wonders for your purchasing power and debt-to-income ratio. In the current state of the economy, lenders are often looking for a score of at least 620 from both parties involved.
You can approach this problem from a couple of different directions. The first is to see if you can get preapproved for the desired loan amount without your spouse's income. Sometimes it can be a simple fix, but not all prospective borrowers will be so lucky. For other co-borrowers, combating the credit issue headfirst may be the best route to take.
We have experts available who can help you boost your credit, but the process starts with you. Many times, a number of different factors collectively contribute to lower a credit score. Raising your score means fixing these issues. Some issues found in your credit report can be fixed quickly, while others may take some time. Either way, boosting your credit score requires sincere commitment and determination on your part. When you're ready, your hard work and dedication will pay off.
All you have to do is take the first step. Fill out our no-obligation form below to speak with a VA Loan expert.