VA Home Loan Rates
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The U.S. Department of Veterans Affairs or shortly known as VA is helping veterans and active-duty military service members in getting home loans since 1944. All veterans and military members can get home loans without making large down payments and in need of an excellent credit score.
In 2023, getting a VA Home Loan is quite easy for many. Even though an excellent credit score isn’t required, it can’t be bad if you’re aiming to get a VA home loan. If your credit score is relatively fine, somewhere between 600 to 630, you can get it with ease. There are a wide variety of lenders that give out VA home loans.
Since this type of loan is backed by the Veterans Affairs, lenders guarantee if you’re eligible. A typical VA home loan requires a minimum credit score of 600 to 630. If your credit score is below 600, you might have some hard time getting it but it certainly isn’t impossible. See below the table for more information about getting a VA home loan with bad credit.
Best VA Mortgage Rates – 2024 September
A wide range of lenders offers VA home loans. The Department of VA has agreements with many popular lenders. All of the VA home loans are government-backed. Therefore, if the lender doesn’t receive its money from you, the government will compensate.
From the table below, you can see many of the VA home loan lenders and their initial requirements.
Best VA Home Lenders in 2024
| Home Loan Lender | Required Credit Score | Min. Down Payment |
| NBKC Bank | 620 | 3% |
| Veterans United Home Loans | 620 | 0% |
| Caliber Home Loans | 620 | 3% |
| Alterra | 620 | 3% |
| Veterans First Mortgage | 600 | 0% |
| BNC National Bank | 620 | 3% |
| New American Funding | 620 | 3% |
| Fairway Independent Mortgage Corporation | 600 | 3% |
| Quicken Loans | 620 | 3% |
| Navy Federal | 600 | 0% |
VA Home Loan for Bad Credit
Typically, you’re not eligible for a VA Home Loan if your credit score is under the limit. However, you can check in with the lender to see whether you can get a VA Home Loan if you make a larger down payment.
Although your chances are going to be slim, if you have a long and clean credit history but a few payments made your credit score suffer, you still might be eligible. The lender you go to will consider a few more things other than your financial situation. This includes marriage, how long you’ve been in the military for, your credit history, and current income to debt ratio.
