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You can't get a VA loan anymore with under a 580 score....You could have 6 months ago though, but the good days are gone. Being eligible for a VA loan simply means you were/are in the service and you were/are a good soldier and you can get 100% financing. Basically the VA is saying they will take the risk for your time served to your country, but the investor for a loan still wants you to qualify. My advice would be to pull your credit report on your own (when consumers pull it it counts as a hit, when you do, it doesn't). You probably have old collection accounts showing as recent as well as duplicate accounts (creditors sell the accounts, and then someone else reports it new and double). www.annualcreditreport.com offers all three bureaus completely free, and you can dispute the items online. It only takes about 1-2 weeks. According to the fair credit reporting act, the collection has to show on original date it went into collections, can't show whenever the creditor wants it to show or when it was sold to a new creditor. If you have good new credit, and your bad stuff is old, well you have a good shot. If you still don't qualify with a 580 score and your credit has been good for the last 12 months, call around and see if lenders do manual underwrites. The rate is a little higher, but if you are really serious about the home, you'll be fine. Oh yeah, no investments with a VA loan, has to be your primary residence. Hope this helps!

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โˆ™ 2008-10-30 00:27:44
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Q: If you are eligible for a VA loan how would you get a real estate investment loan or first time buyer home loan if your work hours vary and your credit score in 2004 was 820 but has dropped to 500?
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