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VA Guidelines for Credit 

Unlike conventional guidelines, VA doesn't not have a set minimum FICO score requirement, but most lenders in the industry will require a 620 credit score or greater.

If you have had a Chapter 7 bankruptcy, you still can purchase a home under VA guidelines as long as the Chapter 7 bankruptcy has been discharged for 2 years.

There are some extenuating circumstances, such as: loss of job or a major medical event, which could possibly allow the timeframe to only be 1 year.

If you have had a foreclosure on a non-VA loan, you may still purchase after 2 years from the time of the foreclosure.

If the foreclosure was on a VA loan, that could eliminate any entitlement on the next purchase.

If you have previously owned a home and had a short sale, the VA does not have a waiting period as an established guideline, but individual lenders may require a waiting period of up to 4 years now. The mortgage history surrounding the short sale will also impact the waiting time. So it’s always best for your lender to fully evaluated the situation to determine your best options.

You may have late payments or collection account on your credit report and want to know is that will cause a major problem to be approved for your VA loan. In most cases if the problems have not caused your FICO score to drop below 620 you will still have an very good chance of receiving an approval.