My husband and I are eligible for a VA home loan but.....?

Question

I have terrible credit. Can I still get a VA home loan? If so, how does that work? Is it at a higher rate??

Answer 1

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Va loans are not as credit score sensitive as some other loan programs so your credit may not be that much of an issue. But if you have any accounts in collections, you will likely have to pay most of them off before you will get pre-approved. With VA you either get approved or not, such that there isn't a situation where if your credit is bad you simple get a higher rate. Still, you might want to sit down with a mortgage broker who is qualified to do VA loans (not all are) so you can look at your options. You might find an all together different loan program that might serve your interests better.

Source(s): I am a Realtor

Answer 2

From what I understand you ought to be energetic accountability for a minimal of 181 days (ninety days in Gulf/Iraq conflict) and be dishonarable discharged. you will additionally ought to fulfill the requirement for acquiring a private loan, solid credit, w2 for 2 years, tax returns for 2 years, economic institution statements, etc you would be short 30 hours or so. If I have been you i'd nonetheless prepare. additionally examine to verify if the state which you're in has VA benfits for abode shopper too.

Answer 3

Check with a local lender that underwrites VA loans. The bank or lender still must be willing to underwrite the loan, even though your qualification may go up to $400,000. You must prove your ability to repay the loan.