Lower Credit Scores Now Qualify for FHA and VA Loans

Good news for veterans of the U.S. military and anyone interested in an FHA loan.

It just got easier to qualify for an FHA loan or VA loan if you have less than perfect credit.

With Quicken Loans, you can now qualify for an FHA loan with a credit score as low as 580.  That’s one of the lowest qualifying scores you’ll find in today’s mortgage market.

And, veterans and active members of the military can qualify for a VA loan with the low credit score of 620 as well.

Borrowers who meet this minimum credit score criteria can lock in a 30-, 25- (FHA only) or 15-year fixed-rate loan with a VA loan or an FHA loan.  This is great news for people who have been unable to qualify in the past because qualifying credit thresholds were higher.

If your credit is at least 580 and you want to take advantage of low home prices and mortgage rates, this is your chance!

One thing mortgage clients need to keep in mind – additional underwriting guidelines to the standard FHA guidelines may apply when qualifying for a loan with a credit score of 580.  Contact a Home Loan Expert today to qualify for this unbelievable opportunity!

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31 Responses to Lower Credit Scores Now Qualify for FHA and VA Loans

  1. Allan June 9, 2010 at 6:07 pm #

    Credit recently took a hit. May be near 580. Assuming it is about 580, what rate and amount can I get? I am a veteran, but have never used a VA loan, so am not sure of the terms and conditions. I currently have a loan at 5.75%, 30 year fixed.

  2. manuel diaz June 9, 2010 at 6:22 pm #

    Hi,I’m in a upside mortgage my credit score is low I want refinance,is there something you can do for me? Thanks.

  3. Craig Combs June 9, 2010 at 6:44 pm #

    Self employed 1040 shows 21k but that is because everything written off.I am 1099.Wife is w2.I am vet,also get ss and retirement
    but show only the 21k for tax perposes.If this is not fesable please don’t even contact us.
    Craig Combs

  4. Amber Hunt June 11, 2010 at 3:16 pm #

    Hi Allan!

    We’d love to speak with you more about this – please contact us at Call (800) 710-1755 or email us at help@quickenloans.com. We also have more options for you to contact us here. Thanks!

  5. Amber Hunt June 11, 2010 at 3:17 pm #

    Hi Manuel!

    We’d love to speak with you more about this – please contact us at Call (800) 710-1755 or email us at help@quickenloans.com. We also have more options for you to contact us here. Thanks!

  6. Amber Hunt June 11, 2010 at 3:17 pm #

    Hi Craig!

    We’d love to speak with you more about this – please contact us at Call (800) 710-1755 or email us at help@quickenloans.com. We also have more options for you to contact us here. Thanks!

  7. Brenda lynch June 11, 2010 at 9:32 pm #

    on the Freshstart program. Score should be at least the minimum required. Need new home yesterday. What can i do to get qualified?

  8. Stephanie July 15, 2010 at 1:23 pm #

    Hello,
    Our credit score is a little below the required limit due to a recent (short) job loss in our famiy but my husband was enrolled in school. My husband qualifies for a VA loan. Is there any hope for us when it comes to getting a loan?

  9. R. Rebecca Carter July 19, 2010 at 2:32 pm #

    Allan, give us a call at 800 710-1755 and a Home Loan Expert can give you a personalized quote.

  10. R. Rebecca Carter July 19, 2010 at 2:36 pm #

    Stephanie,

    You should definitely give it a shot, considering rates are so low. If your credit isn’t there yet, we may be able to help you get it there with some tips. VA is THE way to go if you are a veteran, as there are so many advantages beyond a conventional loan. With rates the lowest they’ve been in decades, it’s definitely the chance of a lifetime to lock in a low rate now. Give us a call at 800 710-1755 and we’ll help you get started.

  11. Priscilla October 13, 2011 at 1:21 am #

    Is there a way to get a VA home loan if my husband has a low credit scored but mine is high? I am also a student but my husband makes 80 a year. I didn’t notice anything showing late payments on my husbands credit report, would any of this information qualify us at all?

  12. Amber Hunt October 13, 2011 at 10:32 am #

    HI Priscilla,

    A Home Loan Expert will be in touch with you. Thanks!

  13. joey Lacey September 1, 2012 at 11:38 pm #

    my scores are tu 666 experian plus 634 equifax 594 can i get a home loan? I have a bankruptcy discharge 2006

  14. Victoria Araj September 4, 2012 at 12:33 pm #

    Hi Joey, thanks for reaching out to us, I have forwarded your inquiry to one of our home loan experts who will contact you. Thanks

  15. Rhiannon November 25, 2012 at 4:51 pm #

    Ok my husband is current active duty military. His ETS is Nov 2013 . We were thinking of purchasing a home in our home town ( where we plan to move once he is released from service). I recently pulled our credit scores and they range from a 580-618 . How hard would it be to get a VA loan on that basis? We have paid off almost all of our installment accounts. Essentially we are trying to clear our payments completely so that we do not have anything beyond houseold bills once he is out. The problem is we do have a couple of late payments. WIll this negate us from any chance of a vA loan?

  16. Rhiannon November 25, 2012 at 4:53 pm #

    Let me rephrase my above comment. HIS scores range from 580 to 618. We plan to do it soley in his name as I am justa home maker and have virtually no credit.

  17. Victoria Araj November 26, 2012 at 12:37 pm #

    Hi Rhiannon, thanks for reaching out to us, we will have one or our home loan experts contact you soon to talk more about your situation. Thanks.

  18. Victoria Araj November 26, 2012 at 6:31 pm #

    Hi Rhiannon, your email bounced back undeliverable. Our VA loans require a 620 credit score to proceed. We have an internal credit repair team we would be happy to connect you with, please let us know if you are interested. Thanks!

  19. Rhiannon November 28, 2012 at 4:32 pm #

    Thanks will do. I am sorry about the bounce back I accidentally put two consecutive L’s in the name. That should be fixed now. WIll definitely be giving a call. Currently trying to do what we can to repair his credit.

  20. marco Rivera Colon May 1, 2013 at 12:58 pm #

    I would like tp purchase a home withmy VA but my ex wife is behind in payments and make payments some times up to 3 month late. The house was awarded to her in the divorse but because she dont qualify by her self the back will not remove my name out of it. y score is below 620 I think is around 580 and acording to friend the only thing hurting my chances is the house my ex is living in. I have a good job plus my retirement from the military, my wife have excelent credit but she is not working at this time. We are tire of moving and after 24 years in the military we want to own and finaly settle in our house. Is there anything I can do to have my name of the back release me from the morgage or at least ackolage that I’m not finalcially responsible for that house. We concider a FHA loan but dont have capital need it as this time. The VA ia a better and more finacially responsible for us. Thank you for your time and hope you can point us in the right direction.
    Respecfully
    Marco A Rivera Colon

  21. Victoria Araj May 1, 2013 at 3:14 pm #

    Hi Marco, thank you for telling us about your situation. I have shared your inquiry with one of our home loan experts who will contact you to see if we may be of assistance. Thanks!

  22. Jay Whiteli June 14, 2013 at 1:05 pm #

    My credit scores are slightly under 580 and I want to qualify for a VA loan.

    Jay

  23. robert E Delany July 23, 2013 at 2:29 pm #

    I have a credit score of 600, I have had two va loans in the past with no foreclosure, I need a va loan
    My tel is 303-638-9596 can someone call me

  24. Brian July 24, 2013 at 10:12 pm #

    Looking to use a VA loan for the first time. credit score is between 580-660. Need to know if I qualify for a VA loan. If so I will sell my current home and buy a new one.

  25. Charles bernhardt September 2, 2013 at 10:34 pm #

    I have a score of around 590, and plan on use my va loan next year. Would I be approved, if yes how much and at what rate. Also I plan on paying off some bills before then

  26. alice January 18, 2014 at 6:04 pm #

    My husband receives s.s. only 14,000 a year. I am disabled but receive no benefits. Need to purchase a home but don’t know if credit score wil qualify us or not, have been working on building our credit for about 12/15 yrs. Husband got a fha loan yrs. Ago wondering if he may be able for another fha loan with his income and a credit score of possibly 590 or something like that. Thank you for your response. Alice

  27. Keith Guyot January 18, 2014 at 6:19 pm #

    Hi Alice!

    I’ve forwarded your question to our Home Loan Experts who should be in touch with you soon.

    Thanks for reading!

  28. Allen January 27, 2014 at 1:41 am #

    I am a veteran and I want to buy a house. The only problem is my credit score is low actually poor because the house that my ex wife lives in was awarded the house per the divorce is two months behind and it reflects on my credit report. I am trying to sell that house right now. I can not get my name off the loan. I have credit cards and some are maxed out but they are not big accounts. I have been renting a apartment for 850.00 a month and before that I was paying 560.00 a month I have never been late on my rent or any other credit cards I have. The only thing killing my credit is my ex wife any help or suggestions I will appreciate it

  29. Keith Guyot January 27, 2014 at 9:26 am #

    Hi Allen,

    We’ve forwarded your information to our VA Home Loan Experts who will look into your situation and reach out to you directly.

    Have a great week.

  30. Rob Hyatt February 14, 2014 at 1:50 pm #

    My va home loan eligibility got reinstated recently, but as with most questions I read I to have an ex wife late on her mortgage which my name is still on. It’s keeping my credit scores in 540-560 range along with some other things on my credit due to my divorce. I’ve been remarried for 2 years and were never late on our 1500 month rent or car payments. All loans and bills get paid on time and have great duel income. We already been denied by two lenders and the certificate of eligibility is suppose to show lenders they should take the loan my ex wife is on off my debt to income ratio. My wife’s score is 600 right now.

  31. Keith Guyot February 14, 2014 at 2:01 pm #

    Hi Rob,

    I’ve sent your information to our Home Loan Experts who will reach out to you soon.

    Have a great day!

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