Question:

Can I get a VA mortgage with bad credit and what else should I know about VA loans?

Answer:

Getting a VA mortgage with bad credit is possible, since the Department of Veterans Affairs only look for a 12-month clean credit history rather than for a particularly good credit score. Your employment status and particular VA loan program may affect your rates much more than your credit score.

Beside low credit requirements, there are several other particularly beneficial features of VA mortgage loans to eligible veterans.

Benefits of VA Mortgages

After you obtain your COE (Certificate Of Eligibility) from your local VA branch or your lender you will entertain all the rights and benefits of VA loans.

The best of all is 100% financing through a VA insured loan without having to pay PMI and at very competitive rates.

VA loans are assumable. Also, if rates go down you are eligible for a mortgage loan streamline refinance.

If you pay off a VA loan completely, your eligibility is automatically restored to use another VA loan. However, you can only hold one VA mortgage loan at a time.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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