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Credit score: While the government sets no minimum credit score for getting a VA loan, the individual lender, which actually approves the mortgage, probably does. If your credit score isn’t in ...
The VA doesn’t set a credit score minimum for borrowers, but some VA lenders might. Generally, this is around 620, the same as a conventional loan — though many may allow for lower scores.
Loan Type. Minimum Credit Score. Conventional loans. 620. FHA loans. 500 (with 10% down payment); 580 (with 3.5% down payment) USDA loans. The USDA has no minimum limit, but lenders generally like ...
A VA loan is a mortgage loan in the United States guaranteed by the United States Department of Veterans Affairs (VA). The program is for American veterans, military members currently serving in the U.S. military, reservists and select surviving spouses (provided they do not remarry) and can be used to purchase single-family homes, condominiums, multi-unit properties, manufactured homes and ...
Type of Loan. Minimum Credit Score. Conventional. 620. Jumbo. 700. FHA. 580 (or 500 with 10 percent down) VA. 620 (VA doesn’t require a minimum credit score, but lenders do)
However, lenders can and do set their own underwriting requirements, and many want to see a credit score for VA loans of 620 or higher. Debt-to-income (DTI) ratio for VA loans
A credit score of at least 620 (the VA has no minimum credit score requirement, but many lenders typically set one) A debt-to-income (DTI) ratio of no more than 41 percent
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