Question:

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.

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