Any lenders out there that will do a VA Loan with a 550 score in CA?

Sorry Frank, but your not going to find any kind of loan with a 550 credit score.. the real question is why? Why is your score so low? BK? Foreclosure? Short sale? unpaid taxes? unpaid student loans? Judgements? Charge offs? etc.. You could have a 750 credit score yet have one of these deficiencies and you still could get denied.. In reality, no one here can advise you without looking at your complete loan profile.. So for that reason, I suggest you contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

I wish more lenders would offer our VETS better loan programs. That being said, most lenders need a higher credit to offer a loan program. I'm a lender here in California and I can help you re-build your credit scores fast. Let me know if I can help you. Jesse Stroup www.CaliforniaHomeLoanLender.comNMLS# 6229 510-7043445

HI Frank,Yes, we can do a manual underwrite VA loan with a 550 fico. Please call me at:

Jeff Phillips
415-867-6488
jeff@hpifinancial.com

Frank, William is correct in his assessment of your situation. A 550 FICO tells a lender that there are 'several skeletons in the closet' that need to be addressed. You need to have someone review your complete credit report to find out what you need to do over the next 12+ months to get your score above 620. A good mortgage broker be able to give you a recommendation on how to increase your score and what may eventually need to be paid off before you can get your V/A loan. Chances are you're also going to need some current credit established with an excellent payment history in the months ahead. It may seem daunting but if you take it one step at a time, and do what the mortgage broker asks you to do, you will eventually be able to get your V/A loan. It's a great program and I suggest you get started ASAP. Questions? Call me at 916-337-8584. Barry Harris NMLS #289068

The odds of getting a loan with that score is virtually zero. technically VA says it is possible, but the VA doesn't do loans. Lenders do loans, and the VA gives them a small guarantee if the loan goes bad. because of this, the lender still has the risk, and I don't know any VA lenders who will do a loan with that score. That score also indicates serious delinquencies or other major credit issues. Lenders use scores to assess risk, and that score says you are very risky. I suggest working on improving your score to show lenders you are a lower risk. Once you get your score up over 620, then you should apply. For VA loans in MN, WI, and SD, visit www.VA-IRRRL-Loan-MN.com