What are my chances of a Home Loan approval with a 579 score and using a VA loan?
2010 March 6
My current score is a 579 and I have the option of using a VA loan if needed. Im earning around 85K a year, I have a car loan (0/month) that I will pay off in like 3 months, and a credit card with 2,000 limit with 1,100 balance. What do you think?
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I’m confused how your credit score is so low. Did you file for bankruptcy or something, or is it you never really had a credit history?
But anyway, go to a bank that specializes in VA loans, that’s what we did, and I don’t think they will have a problem with it because they know they are covered in case you default on this loan.
Might I suggest that you wait 3 months so your car loan will be paid off and your credit score will shoot up.
Chances look good based on what you are saying. VA loans are very lengthly but the guidelines are pretty lackadaisical.
The average credit score in the US is 720. VA does not loan any money. They just guarantee that the local lender will not lose money on your loan. The only one who can answer your question is the company that does the loan. Start applying.
I think you will get a loan. You may have to write a letter explaining your credit history.