Hello, I am a 9 year Army veteran 100% disabled service connected.
I got out in July 2022 and have been working since oct 2022. My current job is pretty high paying. My dilemma is my credit, which I am currently working on through a credit repair company. My credit score is going down and right now sits at about a 540. They have provided me with a letter of participation in the program if that means anything. I am currently renting in Texas and looking to by here in Texas. Is there any way I could make this happen? Any programs or lending companies that can work with a low credit score to get me approved for the VA home loan? I’ve used it once before. Thanks in advance.
Va home loan with bad credit
byu/illestskillz51 inMilitaryFinance
Posted by illestskillz51
2 Comments
If you have the fortitude and patience you can do anything a credit repair company can do on your own for free. Plenty of resources online.
As far as your score the VA doesn’t have a minimum credit score requirement for VA home loans, but lenders typically have their own. Many lenders prefer a credit score of 620 or higher, but some may accept scores as low as 580, while others may require 640 or more.
I’d recommend talking to a mortgage broker that doesn’t have any overlays or restrictions that can advise you with both credit at VA program.
Why is your credit score so low? That’s problem #1.