The VA Home Loan Program was meant to make a home buying process easy, affordable and beneficial for the borrower. Such mortgages are aimed to be available even for people with less-than-perfect credit. The Department of veteran affairs provides the guarantees to the lenders that the loan will be covered and the necessary assistance to the veterans to buy a new home.
The credit rating enough for getting a loan depends on several factors – payment history and income, which should be stable and sufficient to cover current expenses and make mortgage payments every month.
Besides, you must not have any outstanding collections or judgments. In case you meet the requirements, 620 credit score may be quite enough to be qualified for the loan.
However, the borrowers with no credit score or a score less than 620 also have chances to be qualified. Their qualifications will be based on payment history of the rental fee, auto insurance, and other regular monthly costs.
Even late payments may not result in a denial, provided that you have special circumstances, and if you are on a consistent repayment schedule at present. The bankruptcy discharged or forgiven will not influence the decision on credit, especially filed more than 2 years ago or due to the circumstances out of the borrower control.