Can I get a VA loan with a 580 FICO score?

I have been repairing my credit the past year and due to a couple late payments, my score seems to be dragging still. I would like to get pre-qualified for a VA loan. I’ve heard that credit standards are more lax for VA loans – is this true?

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6 thoughts on “Can I get a VA loan with a 580 FICO score?

  1. I can share what I learned when I talked to the VA.

    1. Yes, they do look at credit scores. The score will affect your rate.

    2. They look at credit history. Bads (like late payments and collections) will affect your eligibility.

    The lady told me that if the score is too low, they will not approve the loan and issue a VA certificate. She would not define what “too low” of a credit score is.

  2. Your chances are very low but possible depending on what is on your credit report.

  3. Depends on how much down payment you have. If you can put down a large down payment, then your credit score becomes much less a factor in granting the loan.

    If you can put 33% down, anyone will loan you the balance no matter what your credit score is because they have substantial collateral in the house itself.

    The only way to know what that “magic number” is would be to go to a lender and say, “The house I’m looking at is $180,000 and I have a credit score of 580. How much would I need to put down to get a loan?”

    The lender will say, $50,000 or something like that and then you can decide if you can do the deal or not. With the economy today, the minimum they are going to want even with GOOD credit would be around 5% (that’s $5,000 for every $100,000 you borrow).

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