VA Loans With Bad Credit

VA Loans With Bad Credit

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If you are seeking VA loans with bad credit, it's definitely possible to get one. VA loans are special loans made to people who have served in the US forces, either abroad or in the US. These loans are really to make it possible for men and women who have served our country a means to become a home owner.

Now there are several types of mortgage loan programs out there, probably the most popular being the FHA home loan program. Most people who a solid income and good credit can qualify for a FHA home loan. But if you have served in the army, you actually qualify for the much better VA home loan.

VA home loans, besides having low interest rates and very low income requirements to get, are no money down home loans. This means you can buy a home with no money down with a VA loan. This is very powerful as it lets anyone who has served in the army become a home owner, easily.

Now, with bad credit there are a few stipulations.

VA home loans for people with bad credit are very much possible, but you may not be able to get no money down clause. However, you can still qualify for a VA home loan with poor credit history, but you may just need to put down a small down payment on the home, depending on how bad your credit history is.

If you focus on improving your credit score, however, it's you should have no problems qualifying for a VA Home loan with bad credit.

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Question by : Is there a way to get a VA loan with bad credit score? I am eligible for VA loan which doesn't require FICO score but lenders do. Been renting for 20 years and om ready to retire from Air Force and stay in one place. Never missed rent payment which was always more than any mortgage payment in my price range. Best answer for Is there a way to get a VA loan with bad credit score?:

Answer by Caveat Emptor
VA loan eligibility is not a guarantee that you will qualify. You must still meet the lender's underwriting standards. Work on rebuilding that "bad credit score."

Answer by Quicken Loans
Hi Air Force Steve, If you have a minimum credit score of 580 there a few lenders that can approve you for a VA Loan (Quicken Loans being one of them.) However, you probably won't be able to get 100% refinancing of your home's worth if you're at 580. Try raising your credit score as much as you can. More options will definitely open up for you. Let me know if you have any other VA loan questions. I've included some links that have more in-depth info on VA loans and how to improve your credit score that may be useful. Good luck!

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