Comments on: What are my chances of a Home Loan approval with a 579 score and using a VA loan?

By: stratus_31

stratus_31 — Sat, 06 Mar 2010 08:07:53 +0000

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.

By: James O

James O — Sat, 06 Mar 2010 08:07:53 +0000

Chances look good based on what you are saying. VA loans are very lengthly but the guidelines are pretty lackadaisical.

By: Ed Atun

Ed Atun — Sat, 06 Mar 2010 08:07:53 +0000

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.