VA Loan Credit Score vs FHA Loan Credit Score?

Good afternoon everyone, I am in the market to look for a home with my husband. I keep hearing that the minimum score is 600, is that correct? I thought that FHA and VA did not have a minimum score requirement, but does that still mean the BANK may have other requirements? We've been working on our credit for some years now, and its clean for the last 24+ months. NO BK or foreclosures. But does anyone know of any banks that don't have a min. credit score?

Update:

EDIT: Thanks Ryan your pretty much worthless.

FYI Our scores are 640 and 590

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  • 1 decade ago
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    Minimum credit score is 620 (according to our banker at Chase). The better your score, the better your interest rate.

    There aren't any banks that will finance anyone without a minimum credit score and a low debt to income ratio.

    However, my spouse (who is former military) did advise me that a VA loan you can get regardless of your credit score. Contact the VA to get your document.

    I would suggest that whoever has the 590, work on your credit a little bit longer to raise the score.

    Best of luck home hunting :)

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  • 4 years ago

    " I feel horrible that because of something old on my credit we cant shop the loan we want and get our house now" - Which is why you pay your bills in the first place, so you don't get in these situations. Here's the real question - do you legitimately owe the medical bills? Or are you hoping they won't be able to validate it and you'll not have to pay it on a technicality? If you owe it, pay it. If you owe it, and simply don't want to pay it (which is what it soudns like is the case, since you don't say you don't owe it), then the VA backers have a legitimate gripe. They'd rather not lend a pile of money to some people who won't pay a relatively small bill just b/c they don't want to b/c it's not convenient for them. What happens when you decide you don't want to pay the big bill? They get screwed.

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  • 1 decade ago

    you should be able to get a loan no problem. that credit score of 590 u can get that up by pulling your credit report and picking out something that is small like 100 bucks and pay it off, then tell them to report it to the credit bureau. that will automatically raise the score. and if you have something on there that is alot like maybe 5000 bucks just send a payment of 20 or 30 bucks and tell them to report it and that will raise it as well. and if they dont report what you have paid then u write a letter of dispute of the amount owed to the 3 credit bureaus.

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  • 1 decade ago

    640 is definitely good enough for an FHA. I just qualified with a 633. They will even work with you if it's below 620, so it's worth checking out.

    And, yeah, Ryan's answer was typical of the self-righteous bunch that think any bad credit should automatically deny you the ability to ever own a home.

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    RE :VA Loan Credit Score vs FHA Loan Credit Score?

    Good afternoon everyone, I am in the market to look for a home with my husband. I keep hearing that the minimum score is 600, is that correct? I thought that FHA and VA did not have a minimum score requirement, but does that still mean the BANK may have other requirements? We've been working on our credit for some years now, and its clean for the last 24+ months. NO BK or foreclosures. But does anyone know of any banks that don't have a min. credit score?

    Update: EDIT: Thanks Ryan your pretty much worthless.

    FYI Our scores are 640 and 590

    Follow 2 answers

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  • Anonymous
    4 years ago

    I too have the same question

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  • Ryan M
    Lv 7
    1 decade ago

    LOL ALL banks have a minimum credit score requirements! The days of giving loans to the irresponsible are long gone. The banks learned their lesson about giving mortgages to people with horrible credit scores.

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