how many years of credit do you have to have to use your VA loan?

Question

do you have to have 6 years of credit to buy a house using the VA loan? or just 620 credit? my husband just got a credit card now so by the end of his term it would only be like 3 years of credit. How do you know how much of a loan the Veterans United will give u. were looking at houses around $330-350k in texas. I know they'll give you up to 450k but what does that all depend on? do they approve you for a certain amount before you apply for the house? if anyone used their VA loan could you share your experience?

Answer

Former lender (Sahm) here...
Typically we looked for a minimum of 3 lines of credit with a 12 months history.  VA doesn’t actually have a score minimum, but most lenders will have an overlay (their own rule ) 620 is pretty standard, but I’ve seen others go down to 580, so even if you think you’re low, it’s always good to check with a few lenders. 
There is the amount you are “eligible” for, this depends on your VA eligibility and the area you live in. If you’ve never used your VA before, it’s just the local max. If you’ve used it previously it gets more complicated. 
Then there is the amount you “qualify” for, this is based on your income & others debts. A general rule of thumb is you want your total monthly debt payments (car, credit cards, etc.) including your new house payment to be less than 45% of your gross (before taxes) income. (VA does allow for a residual income calculation if you are over the 45% mark, but that gets a lot more complicated 😉)
Hope this helps!

Answer

Our lender says they’ll go down to 580. We just purchased with VA in El Paso 4 BR 4 Bath for 135. We got a higher value for a loan but we didn’t need it, that’s with 632 credit score. 
Your lender will explain everything to you, homes in Texas aren’t that expensive and usually ones passed 200k are pretty extravagant.

Answer

gotta see a rep. my husband has had 1 credit card after we got the loan. just have good credit and that will depend on the loan ammount and interest rate. go apply i bet youll get it.

Answer

Main thing is credit score. The middle number needs to be 620.

Answer

The amount they will give you will largely be based on your debt to income ratio

Answer

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how many years of credit do you have to have to use your VA loan?

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