“WILL 589 CREDIT SCORE BUY A VA HOME?”

The answer to this question is that in most cases yes it is possible to buy a VA home with 589 credit score.

To know more about this we must first understand the meaning of VA loan. A VA loan is a government program that is managed by the United States department of veteran affairs and military as well as veterans who are eligible for these programs as well as their spouses who can take loan to buy a single family home. This program does not have many restrictions as compared to other government housing programs.

With a VA loan you can buy any home you want so this to a certain extent answers your question that “will a 589 credit score buy a VA home?

The eligibility criteria for approval of A VA loan with a 589 credit score is that you should be in a financial position to afford making a low down payment. Depending on your financial strength (which includes your income, your credit position and other eligibility factors that are taken into consideration) you can even qualify a no down payment required position.

However the rate of interest and the covering of closing costs and making down payment all depends on the factors due to which you have a 589 credit score.

In case the 589 credit score is due to old delinquencies on your credit account than it might not be taken very seriously. But if the low 589 credit score is due to a history of making late payments or missing in making your payments, you might not be eligible for a VA loan. If you have missed payment history, foreclosure or bankruptcy in your recent past account, you must wait for a minimum of 2 years to try for any type of loan even a VA loan.

Even a credit score higher than 589 does not guarantee a VA LOAN because the VA requires many financial document for approving the loans which also included your tax returns.