Does my FICO or Credit Score Matter on a VA Loan?

Yes and no.  Life in general requires us to maintain a reasonably clean credit history and a reasonably high FICO score.  As with many of our frequently asked questions, we would have answered this differently prior to the recent economic and housing meltdown.  In times past, veterans were not required to have the same credit history or credit standards that other non-veteran or nonmilitary home owners needed to have.  In today's economic environment however this general rule has changed and veterans should plan on having a FICO score of 620 or higher if they plan on buying a home.  If you already own a home and have a VA loan on the property and are trying to streamline refinance then your FICO score will not need to be a 620 because our approved the lenders do not require FICO scores on a VA streamline refinance.

One of our approved VA lender's, flagship financial group has a free credit repair service for VA home owner's or potential VA home buyers.  The VACreditSolutions.com can help you take the steps necessary to improve your FICO score and be better prepared for your VA home loan.

Get answers to your other VA loan questions here.