VA Loans Have Lower Credit and Income Requirements

VA Loans Have Lower Credit and Income Requirements

One of the benefits of the VA loan program is that getting approved for a VA loan is easier than getting approved for a Conventional or FHA loan because a veteran’s credit score and income levels do not have to be as high for approval.

The VA doesn’t have a minimum credit score requirement, but most lenders do. Generally speaking, lenders will require minimum credit scores of 580 to 620 to qualify for a VA loan.

The VA’s role is to oversee the program and guarantee a portion of each loan in case of default. But the VA does not issue loans, and the agency does not enforce credit score minimums. Private lenders handle both of these duties.

Most VA lenders use credit score benchmarks. Applicants with scores below a lender’s standard usually can’t be approved for VA financing. That minimum will vary from lender to lender.

Find out if you qualify for a VA Loan by starting the application process at: VA Loan Tampa Florida.