Understanding VA Mortgage Credit Requirements for Home Buyers

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Thinking about a VA loan? The credit requirements aren't as strict as conventional mortgages, but lenders still look for a stable payment history. Usually, you'll need a 620 FICO score, though some lenders may accept lower with compensating factors. No minimum down payment or PMI, but they check your residual income and debt-to-income ratio. No perfect credit required, but late payments on VA debt or recent foreclosures can trip you up. It's not just about the score; they want to see you can ha…