Does my credit score affect my VA Loan rate?

Video Transcript

Does my credit score affect my VA Loan rate?

Your credit score plays an important role in determining your VA mortgage rate. Prospective borrowers with solid credit can expect lower rates and better terms than those with fair to tolerable scores. The VA requires borrowers to be a satisfactory credit risk in order to qualify for a government-backed loan.

VA lenders have their own additional requirements and in the current lending climate we’re paying close attention to an applicant’s score. It’s more important than ever to get a handle on your credit profile, get caught up on any outstanding debts, and responsibly use your credit.

Put yourself in the best position possible when it comes time to start the home-buying process. However, it is helpful to know that borrowers with lower credit scores in particular can benefit from the VA loan, as the rates are typically better than what you may see with a conventional loan.

For more information, please call Veterans United Home Loans to speak with a VA Loan Specialist.