Every family deserves a home, especially our military families and veterans.

But the home buying experience can be frustrating.

Especially when you want to see ballpark rates at your current credit score of 640 to 670, and no VA lending site will show them to you!

(All they care about is getting your personal info).

Not at The Wendy Thompson Team!

Best VA Loan Rates with 640-670 Credit Score

We show you exactly what you want.  Not only will we will show you the Best VA Loan Rates by Credit Score for scores of 640, 645, 650, 655, 660, 665 to 670, but we'll also show you how a small credit score increase can greatly affect the interest rate you receive and steps to increase your credit score.

First, we recommend you get started with a free, quick quote by state:

Best VA Loan Rates for 640 to 649 Credit Score

Here’s the great thing you have going for you, whether you have a credit score of 640, 645 or 649, the VA loan program was designed for you.  

While the VA Loan Program does not have a minimum credit score requirement, there are a couple of factors that will determine if you will qualify for the best VA mortgage rates.  

  •  Debt-to-income ratio (DTI ratio) 
  • Credit history 
  • Employment history 

Each of these will affect your mortgage rate, not just your credit score.

For example, someone with a 641 credit score (and a good debt-to-income ratio and good employment history) might actually get a better rate than someone with a 647 credit score, who does not have a great DTI ratio or employment history.

That said, let's take a look at some sample rates assuming you can qualify:

sample VA loan Rates by Credit score: 640 to 649 

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.

Generally, a minimum of 620 is required by VA mortgage lenders to qualify for a home loan.  

With a credit score of 640, 645 or 649, and a reasonable debt-to-income ratio (typically under 41%), you should be able to qualify for a VA loan.  

Keep in mind that the higher the credit score you have, the better mortgage interest rates you will be qualified for.  

We will discuss a few tips to increase your credit score and secure one of those better interest rate loans later in this article.  

Best VA Loan Rates for 650 to 659 Credit Score

The average VA loan credit score is around 700 in the United States.  

With a credit score of 650, 655 or 659, you will still be eligible for a VA mortgage but at a higher interest rate than someone with a 725 credit score or even a 670 credit score.  

The interest rate, commonly referred to as the APR (Annual Percentage Rate) is greatly determined by your ability to repay the loan.  

Let's take a look at some sample rates.  As you see, they're the same as for the 640 to 649 group.  Once you hit 660, you can improve your rate, however.

sample VA loan Rates by Credit score: 650 to 659 

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.

The two major factors considered is your credit score which is a determined by your credit history, timely payments, credit card debt, outstanding car loans and the like.  

The second major factor is your debt-to-income ratio, which is simply a ratio that helps the lender figure out the amount of money you have left over after you pay all of your bills at the end of the month.  

The VA mortgage program boasts the lowest foreclosure rate out of all of the four major loan programs.  

  • VA Loans 
  • Conventional  
  • FHA 
  • USDA 

One of the main reasons that experts believe the VA loan program has a lower foreclosure rate is because they generally require a higher debt to income ratio in the 40% area.  

This means that your mortgage payments shouldn’t exceed 40% of the total take home income you make each month.  

Keep this in mind when taking on additional debt with a credit score of 650 because pushing your debt ratio over this number can cause you to have to pay a much higher interest rate or even possibly being denied for a new loan.  

Military Can Achieve The Dream of Home Ownership with VA Loan

Best VA Loan Rates for 660 to 669 Credit Score

Congratulations!  You've reached a 660+ credit score.

This is a critical score because once you get past 659 and into the 660's, most lenders give you a slight break on the interest they charge, meaning lower payments for you!!

Just remember there are many factors that may affect your VA loan rate (down payment, employment history, debt-to-income ratio, etc).  

It's NOT 100% about your credit score. Someone with a 662 credit score might actually qualify for a better rate than someone with 667 (obviously, a higher score), and they can do so if their other qualifying numbers are better.

Let's take a look at some sample rates.

sample VA loan Rates by Credit score: 660 to 669 

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.

There are many benefits to choosing the VA mortgage program when you have a 660, 665 or 669 credit score.  

First, if you receive a VA loan, you do not have to have any money to put down on the purchase of the house.  

In addition, unlike conventional mortgage programs, there is no PMI origination or monthly fees.  

PMI is Private Mortgage Insurance and it is required on mortgages where the borrower does not put down at least 20% of the purchase price of the home.  

This can be a huge cost over the life of the loan and is not required when you use the VA loan program.  

The main fee that you have to pay when using the VA mortgage program, is the VA funding fee, which is usually a couple of percentage points of the mortgage.  

VA Home Loan Quote

Generally, this fee is rolled into the mortgage to keep your out of pocket expenses at a minimum.  

Keep in mind that if you are disabled veteran, the VA funding fee can be waived, be sure to discuss your veteran status with the Wendy Thompson Lending Team to ensure you receive all the benefits you are due. 

Veterans with credit scores of 640-670 may not necessarily see a dramatic difference in the loan they are offered vs the Vet with a 680+ score. On a $200k home loan, they may pay an extra $1000-$1500 in lender fees for the same rate and opt to bump their rate up 0.125-0.25% to get similar closing fees as what the Vet with a 680 score would be offered. The program is pretty forgiving on what is offered to the Vet considering their score, vs other mortgage lending programs.

Casey Loan

Strategic Mortgage Loans, Inc.

Best VA Loan Rates for 670 to 679 Credit Score 

With a credit score of 670 to 679, the Wendy Thompson Lending Team will have more options to get you the best VA loan rates available.  

But what about that range below?

(It looks like it's no better than the 660 to 669 range).

While it's true the rate quoted below for someone with a 677 or 678 credit score is the same as for someone with a 661 or 662, your score still matters!

And believe me, it's a heck of a lot better than the low 600's.

The difference in VA mortgage interest rates between a credit score of 600 or 604 and 670 or 676  can be as much as a whole percentage point.  

Over the course of a 30-year loan, an interest rate a whole percentage point lower can literally save you fifty to a hundred thousand dollars over the life of the loan.  

This will result in a much lower monthly payment which can help you qualify for a much larger mortgage because of the better debt to income ratio you will have.  

sample VA loan Rates by Credit score: 670 to 679 

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.

Keep in mind that if you follow some of the tips to increase your credit score to a even higher number, you can save even more on your next VA home loan! 

How Do I Increase My Credit Score?

The higher your credit score is, the better interest rate you will be eligible for and possibly you will qualify for a larger loan.  

Being aware of the factors that affect your credit score and knowing how to use these factors is very important.

Here is a list of things that you can do to increase your credit score:

  • Keep an eye on your credit card balances 
  • Pay down your credit card balances 
  • Do not close old credit cards and extended credit (even if you haven’t used it in years!) 
  • Pay all your bills on time 
  • Do not take on any new debt, such as car loans, vacation timeshares, or other secured/unsecured debt 
  • Check your credit reports and dispute any mistakes 

By following these few steps, you should see an increase in your credit score over time.  

Be sure to check with the Wendy Thompson Lending Team to get a full assessment of your credit score and what you can specifically do to increase it!  

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 specialist working with active military and veterans in all of the 50 States. 

Unique only to the Wendy Thompson Lending Team is our:

The Tactical VA Loan Blueprint


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.  

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! 

VA Home Loan Quote