VA Loans with Bad Credit
Videos feature Tim Lewis, VA Loan Team Manager, NMLS #157603.
Who decides if I qualify -- the VA or my lender?
When it comes to approving or denying a VA loan application, many ask whether this is up to the Department of Veterans Affairs or to the VA-approved lender. Ultimately it's the lender that determines if it is willing to make a VA loan. In order for the loan to qualify for the VA Home Loan Guaranty, the loan must meet the VA's requirements. But a lender may have its own requirements in addition to what the VA outlines.
Most lenders use an automated underwriting system that allows them to input borrower data into a computer program that can quickly help determine whether a borrower is qualified according to VA standards.
By contacting a VA loan professional and asking to pre-qualify for a VA mortgage, a borrower can find out quickly whether he or she is a good candidate for a VA loan.
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