Buying a home is stressful enough, let alone trying to find a mortgage when your credit score is 630 or less.

To make matters worse, most VA lenders won't give you ballpark rates!

(They all want your personal info)

Not here!

Best VA Loan Rates with a 600 to 630 Credit Score and Approval Tips

In this article, you can get sample VA rates and monthly payments based on your credit score from 600 to 605, 610, 620, 625, and 630.

We'll also discuss practical tips on how to increase your credit score quickly and how this can greatly benefit your pocket book.

Note: VA loan rates vary greatly based on your state, down payment, and credit score.  Our recommendation for the most personalized, accurate quote is to start with your state.

Best VA Loan Rates for 600 To 609 Credit Score 

While the Veterans Affairs office does not require a high credit score to qualify for a VA mortgage, generally, a lower credit score like 600, 605 or even 609, will not give you very many options.  

This doesn’t mean you will not be approved. It just means that your loan lender will look at additional factors.  

Let's look at some sample quotes:


sample VA loan Rates by Credit score: 600 to 609

Fico score

APR

Mo. Payment

760 - 850

3.125 %

$1,085.00

700 - 759

3.125 %

$1,085.00

680 - 699

3.25 %

$1,102.00

660 - 679

3.25 %

$1,102.00

640 - 659

3.5 %

$1,137.00

600 - 639

3.625 %

$1,155.00

*Updated 10/15/19 - Rates are based on a $250,000 loan with a 20% down payment.  Rates change often and differ based on your state, down payment, and loan amount.  Click here for correct rates based on your situation.  

Keep in mind that rates constantly change so it is best to use our rate checker below for an accurate rate.

Remember, lenders look closely at important lending indicators like your debt-to-income ratio. 

People with credit scores in the 600, 605 to 609 range statistically are more likely to default on their mortgage.  

One tool the lenders use is how much money you earn compared to how much money you spend on a monthly basis.  

VA home loans tend to have a higher debt-to-income ratio, usually, close to the 40% margin.  

This means that your monthly mortgage (and other debt payments) should cost no more than 40% of your monthly take-home income. 

Casey Lown
Mortgage Advisor

Strategic Mortgage Loans, Inc.

"Even down to a 580 FICO score, I will always present any financing opportunity that can be immediately available to the Veteran.  However, I also like to educate them about how their financing opportunities can expand and terms improve when their credit scores improve to 620, 640, 660 and so forth.  I encourage them to make certain adjustments to their credit card balances or other financial tweaks that could provide quick improvements to their credit score."

Best VA Loan Rates for 610 To 619 Credit Score 

VA loan interest rates for a credit score of 610, 615 to 619 will normally have a higher APR rate than higher credit scores.  

The APR rate, or, Annual Percentage Rate, is the amount of interest you will pay over the life of your loan.  

This is important because just a 0.50% higher APR will result in you paying tens of thousands of dollars more for your mortgage.  

Credit scores in the 610 range will qualify for VA loans with higher APR’s, but no higher than the rates we saw in the 600 to 609 section.  

Let's take a look at those sample rates again.

sample VA loan Rates by Credit score: 610 to 619

Fico score

APR

Mo. Payment

760 - 850

3.125 %

$1,085.00

700 - 759

3.125 %

$1,085.00

680 - 699

3.25 %

$1,102.00

660 - 679

3.25 %

$1,102.00

640 - 659

3.5 %

$1,137.00

600 - 639

3.625 %

$1,155.00

*Updated 10/15/19 - Rates are based on a $250,000 loan with a 20% down payment.  Rates change often and differ based on your state, down payment, and loan amount.  Click here for correct rates based on your situation.  

Keep in mind that rates constantly change so it is best to use our rate checker below for an accurate rate.

Later in this article we will discuss how you can quickly increase your credit score and hopefully obtain a lower APR rate for your new mortgage. 

Military Can Achieve The Dream of Home Ownership with VA Loan

Best VA Loan Rates for 620 TO 629 Credit Score 

One positive about qualifying for a VA Loan is that there is no down payment required.  

Even if you have a credit score of 620, 625 to 629, so long as you are active military, a veteran or a reservist, you should qualify for a VA mortgage.  

This is something that you will want to discuss with the Wendy Thompson Lending Team as they will be able to explain all the benefits of obtaining a VA home loan. 

For sample rates, see the section below:

Best VA Loan Rates for 630 TO 639 Credit Score 

If you're in the 630 to 639 range, you're just on the cusp of getting better rates (many lenders offer better rates at a 640 credit score.)

Having said that, let's look at some sample rates, along with things you can do to increase your credit score.

sample VA loan Rates by Credit score: 620 to 639

Fico score

APR

Mo. Payment

760 - 850

3.125 %

$1,085.00

700 - 759

3.125 %

$1,085.00

680 - 699

3.25 %

$1,102.00

660 - 679

3.25 %

$1,102.00

640 - 659

3.5 %

$1,137.00

600 - 639

3.625 %

$1,155.00

*Updated 10/15/19 - Rates are based on a $250,000 loan with a 20% down payment.  Rates change often and differ based on your state, down payment, and loan amount.  Click here for correct rates based on your situation.  

Keep in mind that rates constantly change so it is best to use our rate checker below for an accurate rate.

Let's get back to your credit score now.

If you have a credit score in the 630, 635 to 639 range, there are probably a few factors that are affecting your credit score. 

  • Late Mortgage Payments 
  • No Credit History 
  • Chapter 7 Bankruptcy 
  • Chapter 13 Bankruptcy 
  • Collections and Federal Debts 
  • Foreclosure 

Knowing these factors can affect your credit score now should help you make sounder decisions with your finances moving forward. 

VA Home Loan Quote

7 Steps To Quickly Increase Your Credit Score 

Whether you have a credit score of 600, 605, 610, 615, 620 625, 630 or 635, you can still quickly increase your credit score so your lender can get you approved for a home loan and possibly a better interest rate.  

The following six steps can be taken to help increase your credit score: 

  • Check your credit reports – you can get a free copy of the three credit reporting agencies at AnnualCreditReport.com 
  • Dispute any inaccurate information in your credit report 
  • Payoff delinquent accounts 
  • Push down reported delinquencies with timely payments 
  • Reduce your debt-to-income ratio 
  • Don’t incur any new debt
  • If you need help, you might hire a professional credit repair company 

Following these simple seven steps can help to increase your credit score significantly.  

Be sure to discuss your situation openly and honestly with the Wendy Thompson Lending Team because they will be able to help you prioritize what will have the biggest positive impact on your credit score.  

Take Action! 

If you’re a current or retired military member looking to buy a home and choose to take advantage of the VA Loan program, you may be wondering the best mortgage company to go with. 

Be very careful here as any mortgage company can offer a VA loan, but few of them specialize in VA loans, and there are a lot of ways lenders can screw up your dream of owning a home. 

The Wendy Thompson Lending Team is one of the top ranked VA Loan and Mortgage specialists working with active military and veterans in all of the 50 States. 

Unique only to the Wendy Thompson Lending Team is our Tactical VA Loan Blueprint!

See the simple 3 steps that take you from searching for your home to "mission accomplished."

Deciding on the right VA lender is the most important decision you will make. Choosing the wrong lender can result in you losing your dream home or costing you hundreds of thousands of dollars in more interest over the life of your mortgage.  

The Tactical VA Loan Blueprint

Don’t make that mistake.  Contact the Wendy Thompson Lending Team today!  

You can start the process by clicking the yellow 'See if I'm Eligible' button on the right side bar under the 'Start your quote for VA Home Loan'  or call Wendy’s Team directly at (901) 250-2294, to get started on living the American Dream in the home of your Dreams!