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VA Loan Rates
Can anybody let me know where one can find the VA loans interest rate? Another thing, my score is significantly more than my husbands For Va loan can we use my score? Lender said she cant because I am new in the country and I am here just 1 year and 2 months/ But if my credit score is 768 why not. I think it discrimination because like if iam new and a foriegner. May be in my country I had good rating. They wanted me to be a co signer but then why dont use my credit score
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1 Reply
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I understand how you feel. Credibility issues are truly demoralizing, especially for someone with a high score like 768. Here are four points to consider:
VA Loan Credit Score Requirements: The VA does not impose minimum credit terms; however, lenders do. Most lenders typically look for a minimum score of around 620. However, some lenders may have more restrictive criteria for applicants without citizenship or new immigrants.
Lender Policies: Different lenders have their policies and criteria on how much risk they are willing to take when approving VA loans. You may be dealing with a lender with rules regarding new immigrants or Green Card holders who still need to establish a credit account.
Co-signer Option: A co-signer is an outright miracle because, say, a lender does this—allows a co-signer with a strong credit history—which can then easily translate to being able to qualify for a loan using your score.
Exploring Other Lenders: It is recommended to seek new quotes, especially for new immigrants, because, with other lenders, you might have more leeway. It is always best to look for better rates and terms from different lenders when beneficial.
Improving Your Credit Profile: If you haven’t done so already, you should consider building a credit history in the United States. This can include getting a secured card, making regular payments, and building a good credit history over time.
It must be stressed that you should speak for yourself and ensure you are not unfairly treated. If you believe that discrimination is an issue, consider consulting with a legal expert or an agency that deals with consumer protection.
Are you interested in asking how to look for lenders who allow new immigrants to start without strict requirements?