What is the VA mortgage minmum credit score required?

VA does not publish a Minimum Credit Score directly, but any lender providing the direct financing will likely have a minimum score. You'll need to check around with some local VA Approved Lenders to see what they offer as some may go down to 580, while others look for a 620 or greater. Use the link here to see a PDF Flyer on the VA Program for other details: http://benefits.va.gov/BENEFITS/factsheets/homeloans/VA_Guaranteed_Home_Loans.pdf

No, credit score should not affect the required downpayment. However, if the score is very low (less than 620 in most cases) the lender may have trouble getting an approval and a larger downpayment (or more reserves) can make a difference. Most lenders will not have any trouble getting a borrower approved with a 620+ credit score - depending of course on other usual criteria and qualifications of which score is just one.

While the VA does not have a minimum credit score requirement, each lender will. Some lenders are willing to go as low as 580, while others will require a higher credit score.

Most Lenders require a minimum 620 fico score.

I lend down to a 530 on VA loans, nationwide. Let's discuss your VA loan scenario in more detail. Contact me at 800 315 8803. My name is Jamie and I am a proud vet that has been offering VA loans since 1989. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. Until then, I look forward to hearing from you. Jamie Lynne - Lending Nationwide Since 1989 - jamie@bartprequalifies.com - www.bartprequalifies.com

It depends on the lender. For example we can do a VA loan to 100% at a 560 or greater middle credit score. However, the credit as a whole has to be reviewed and if the score is that low there may be other issues that have to be addressed. Most lenders for VA are going to require 620 or higher, so if your below that you will need to do some calling around. However, there may be some quick fixes to help increase your credit score if needed. I would contact a local loan officer, do a full loan application and have them review your credit report with you to see if you qualify today or if you need to do some credit correction first. Best wishes, Sean

Hi Texanharold, Thank you for your service. Most lenders require a 620 score for VA loans but I can do them down to a 600 score. VA does not require a down payment so your credit scored does not effect a down payment minimum per say. There maybe a scenario where you need to put money down to get approved through an automated underwriting system to offset the risk associated with sub-par credit but it's not a VA requirement. The only time VA will require a down payment is if you do not have enough entitlement available to cover the 25% guaranty required. Please feel free to contact me for more information or help. John Burke | Senior Mortgage Banker | Great Plains National Bank | http://www.valoansdoneright.com | (877)228-9069