Posted by River City on February 18, 2009 at 15:19:44:
That is kind of a broad question. VA will allow some poor credit, as long as there is an explanation for the poor credit…for instance, loss of job, medical problems, etc. The poor credit also needs to be more than 12 months old. That means that the most recent 12 months needs to be clean. If you have ongoing problems, chances are slim to none.
It may also help if you can put some money down instead of getting a 100% loan.
Unfortunately while the VA does not require minimum scores and some bad credit can be overlooked; most if not all of the major investors still around (Wells Fargo,Citi, Chase, etc…) have gone to a MINIMUM FICO of 620. What I would suggest is that you take some time to work on your credit and save up some money THEN you can start looking for a house.