what is the lowest credit score to get a first time home loan or a VA home loan?
- GI JaneLv 58 years ago
Best to speak with a few lenders as your finances, job history, savings, credit etc all play important roles, home loans are not only about credit scores, yes scores are important, but there a lot of things that lenders consider.
However, to answer your question, typically a score in the mid 600s, 620-640 is what a lender looks for, the higher the better. Not only better for approval reasons, but better for interests rates as well, which can add up greatly over the years.
- chatsplasLv 78 years ago
The MORE you put down, the better your chance of loan approval
There are still some first time home buyer programs available if you have $5000 down payment
Don't forget about closing costs
Loan approval is based on whole package of you: credit rating, job stability, adequate down payment, sufficient income, low debtload, etc.
Pull your credit report, dispute/fix any errors, clear any/all delinquencies, and you may be ready to apply for a loan IF your credit score is mid-600s.Source(s): real estate investor
- real estate guyLv 78 years ago
It's my understanding that VA will allow min of 530. However, it's up to the actually lender if they will do the loan without a min 620.
You may have to talk with several lenders to find one doing loans in the lower range.
- Go with the flowLv 78 years ago
At least 640.
You may hear answers 620, but banks simply do not accept this.
Most important is that any collection items on your 3 reports need to be completely paid off first. No bank will lend to you otherwise.
Ask here how to resolve items in collections.
The more details you give, the more help you will get.