My credit score is 507, I have steady employment, and qualify for a VA loan. What are my chances of getting a loan?

The only way anyone can answer that question is to look at your COMPLETE profile... the score is very low... but why... lenders have minimum score requirements.. Most want the score to be 640 or above.. Some will go as low as 500, but the guidelines are very strict... My guess is because your score is so low, there will be major credit restoration necessary before you can get a loan.. Keep in mind that VA only guarantees loans against default, they don't lend money... the lenders who have the funds to lend have their own set of guidelines. Best advice I can give you is to contact a local mortgage broker, not a bank, and have him look at your complete profile... once he can see the complete picture, he will know what the necessary steps will be to help you get financing in the future.. WilliamAcres.com

I agree with Nates answer. This link will take you to a credit restoration service that guarantees you a 640 in 4-6 months or it is free. Good luck! www.640orfree.com/57939766

You need to be careful here. Everyone is suggestion you work with a credit restoration company. My caution is don't just use a any old credit restoration company. Many of them believe that just disputing a negative item will improve your score. Although it can, lenders require the dispute to be removed as a condition of the loan, and then your score falls again, making you ineligible for the loan. VA only establishes your eligibility for a maximum loan as part of your VA benefits. The lenders that actually make and fund the loan have lending criteria that requires "Satisfactory" credit, including a minimum credit score. What is satisfactory credit and the minimum credit score does vary between lenders, but are very similar.Work with a local Mortgage Banker/Broker to find out WHY your credit scores are poor. These are the things that will need to be addressed. Once they are, your scores will improve to allow you to qualify for a loan. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com