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

Unfortunately, while many people will talk about possible options, the truthful answer is you are NOT going to get approved with a 507 score. You need to focus on improving your credit. I am right here in St Paul. Stop in my office of visit www.MnBestRates.com. I'll put you in touch with a great local credit restoration company and help you obtain a loan once your credit has reached an acceptable level.

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 would recommend getting enrolled in a credit restoration program asap. I can guide you through the process and get you everything you need to get started. If you are willing to put in the time and are serious about becoming a homeowner call or email at your earliest convenience. ENG Lending, A Division of Bank of England, always puts your best interest first. We would appreciate the opportunity to serve you. Please visit us at www.cincinnatimortgagerate.net. You will soon find that we are so much more than a Mortgage Banker; we are a company that is dedicated to empowering our clients and referral partners. Don't forget to visit our Facebook Fanpage at http://www.facebook.com/pages/ENG-Lending-Cincinnati/171183536269710?sk=wall Or Call Anytime 513-403-6260

You need to find a company willing to work with you and help you with your credit. As stated below there are very few mortgage lenders in the market today willing to buy with a score this low. Keep in mind there are few but in order to qualify you would have to have a clean 12 months histroy and willing to pay off all negative credit. In addition to this most are going to want to see some sort of ability to save.Good Luck

There are generally non-profit organization that will help you restore your credit and help you develop good credit and financial habits. They are generally cheaper (sometimes free) and more helpful than a for profit company. Here in Salt Lake City, the non-profit not only help you restore credit but it has a match funds program to help you save money for a downpayment. Good luck...

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