Can I get a bad credit VA home loan?
Answer:Before you are in need of a bad credit VA home loan, you might want to have a look at the Revised VA Pamphlet 26-7, Chapter 4, Credit Underwriting to know your options before your credit significantly deteriorates.
Avoiding Bad Credit VA Home Mortgage Loan
VA places higher emphasis on borrower's debt repayment patterns rather than on bad payment isolated cases. If you have a bankruptcy at least two years old, have good stable rent and home loan payment history for the last 12 months, the VA would probably consider yourself a good risk.
If you have any pending obligations, you might want to settle those - tax liens and any other federal debt has to be repaid, before you are approved for a VA mortgage loan.
If you are worried you might get closer to bad credit anywhere soon, you might want to consider enrolling in a credit counseling program. This will count positively to your VA mortgage loan application.
Final piece of advice: Monitor your credit report and score regularly, to ensure there are no inaccuracies or unauthorized activity. Your credit report and score are the two major methods that creditors and lenders use to make a credit decision about you. Higher scores usually mean lower interest rates, which will save you money.
See All 3 National Credit Scores & 3 Reports Instantly, Online & Free!
| Not at all | Definitely |
Mortgage QnA is not a common forum. We have special rules:
- Post no questions here. To ask a question, click the Ask a Question link
- We will not publish answers that include any form of advertising
- Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
Common misspellings: mortage and morgage