VA currently requires a minimum credit score of 620 in order to qualify for a refinance or home purchase.
Minimum credit requirements are required even on a VA Streamline Refinance.
Overall credit history also has to be good, and any derogatory credit over the past 12 months will be scrutinized by the underwriter. On a refinance you must have no late mortgage payments over the past 12 months, although some lender still allow one 30 day late payment if it is an isolated incident and you have a valid explanation.
You must be at least 2 years out of a foreclosure and cannot have foreclosed on a VA Home Loan ever. If you have a VA foreclosure you will not be eligible for a VA Home Loan in the future.
If you have a bankruptcy in your past, it must be 2 years after the discharge date before you can qualify for a new VA Home Loan, and you must have re-established your credit with no derogatory incidents since the bankruptcy.
Contact us to discuss your unique situation.
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