Trying to get a VA loan, my husbands credit score is 601. Can we get a loan?

With a 601 credit score it is possible to obtain a home loan. Are you looking to purchase or refinance a home? Feel free to give me a call at 763-400-7531 to go over you scenario in detail. I am a mortgage broker in Maple Grove, MN and have access to over 40 lenders.

Not likely.. Keep in mind that it takes more than a credit score to get a mortgage... most lenders want to see 640 or above, however there are lenders out there with lower score requirements, the real question is "why?".... Why is his score so low?? My suggestion is to quit trying to guess, and reach out to a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower 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. 480-287-5714 WilliamAcres.com

Possibly. Underwriters look at more than just the score before deciding to approve or not. If your Debt-to-income ratio is high and your reserves are low, employment is sketchy, or half a dozen other areas are weak, a 601 mid score could be a deal killer. However, if everything else is strong, the 601 may not matter. The real question is why is your score 601. Are there little things that can be done to increase your score higher? Probably. Work with a local Licensed Mortgage Professional to see what issues, if any you have and what can be done to get you approved. You can find one at the National Association of Mortgage Professionals at: http://www.namb.org/assnfe/SearchBroker.asp?SnID=1921118381 ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

601 mid-FICO score is not a deal breaker with many mortgage bankers/mortgage brokers so long as your debt-to-income ratios, residual household income, and other compensating factors are solid. Speak with a local mortgage broker who specializes in VA Guaranteed Home Loans for the best results. They might even be able to show you how to increase your mid-FICO score to improve your chances of an approval. Happy New Year!

There are some VA lenders that will go that low, but very few and the approval process will be difficult. You can click on "find a lender" on this page and seach by state or zip code, then contact them directly. If you can get the score to 620 I would be able to try but not below that, and of course there are other considerations besides the score involved in mortgage approval.

First, we need to look at what is on your credit report... IS there items that are not his? does he use credit? balances on the accounts, etc there are a lot of factors, where did you get your report from ? if you got it online for free, a lot of those companies are credit repair companies and will score lower... SO That IS the first step linda yourloanpartnerforlife@live.com and i can lend in your state

No, you'll need a minimum of 620. However, you get an FHA mortgage with that score - the lowest FICO for FHA is 580 (for now at least). However, many Banks have "investor overlays" that require higher FICO scores, so you'll need to find a bank that doesn't have overlays. My friend at Prime Lending said his bank doesn't have FICO score overlays.

All of our investors require you to have a 620 credit score.We typically will rescore you credit for you for free to get your score high enough when we do your loan, however with some research you can do this yourself.Give us a call Jeremiah Adams 573-355-1743 jeremiah@delinefinance.com

A 601 credit score presents many challenges. While it may be possible to obtain financing, you would be better off working on the credit challenges and betting the score higher. For many people, that can be achieved in just a few months. This puts you in significantly better position, offers more loan opportunities, and at better rates. For VA loans in MN, visit www.va-irrrl-loan-mn.com

1. contact a local mortgage professional (a few have answered already and/or I'm in St Paul / Woodbury)2. work on increasing your husbands credit scores (with advice/direction from your local mortgage professional)3. your options will increase exponentially with higher credit scores4. check out this FB site that has Certified VA Home Loan Specialists and the special offer they have for Veterans: http://www.facebook.com/HomesForHerosMn