What Is A Bad Credit VA Loan?
If you are a first time home buyer, owner of many homes, or if you had a recent foreclosure or bankruptcy, you may apply for a VA loan. VA loans are available to borrowers with all credit types.
VA home loans are not based off of your credit score. If you are qualified, you can use your benefit to get as many VA loans as you want, the only restriction is that you cannot usually have more than one VA loan at a time. VA home loans for people with bad credit must be used to finance your personal residence within the United States or its territories, but you have many choices regarding the type of home you may purchase. The homes that you can buy with VA loans can be of the following types: existing single family home, (house, duplex, triplex, fourplex) townhouse or condo, new construction residence and manufactured homes with a permanent foundation; just to name a few.
Is it hard to qualify for a VA Home Loan?
In fact, the criteria to qualify for a VA loan are more relaxed than the same guidelines as a conventional loan. It offers 100% financing, no down payment, no penalties if you prepay the loan, competitive interest rates and sellers can pay all closing costs.
How do you qualify for a VA loan? Most people have no idea that they actually DO qualify. There are many different criteria for qualifying for a VA Home Loan. If you are or were on active duty in a branch of the U.S. military (Army, Marine Corps, Navy, Air Force, Coast Guard) for the required amount of time or if you were or have been a Reserve Service Member for a minimum of 6 years or more. Also there is eligibility by being a surviving spouse of a deceased veteran (who died during service or as result of a service disability). If you have not remarried, then you can qualify for the VA Home Loan. If you have remarried and did so over the age of 57 or after the December 16, 2003, you may alo9s be eligible for the home loan guarantee.There is eligibility for the spouses of service members who are missing in action or are prisoners of war or you can claim your eligibility by being a Native American service member who meets the other service qualifications, and wants to buy, improve or build a home on trust lands. If any of these pertain to you, then you may qualify for a VA Home Loan.
Getting a VA loan is easy. The rules that apply to VA loans are not the same as those for conventional loans. VA loans do not have a minimum credit score, for example. Another thing is that VA loans are governed by law and not bank regulators. Contact a VA HLC representative to get started.
If you would like more info about the VA loan program, visit, call or click VA Home Loan Centers 888-573-4496. ABout the author – Philip Georgiades is a VA loan advisor to many real estate brokers and is licensed by the California Department of Real Estate.