VA Loans with Bad Credit
Videos feature Tim Lewis, VA Loan Team Manager, NMLS #157603.
Can I get a VA loan if I have bad credit?
Many VA-eligible borrowers wonder whether bad credit might be a deal breaker in qualifying for a VA loan. Lenders look at several factors when deciding whether a borrower is qualified for a VA mortgage. For those with a history of bad credit, a common assumption they may have is that their credit isn't good enough to qualify for a VA loan. Lenders consider debt-to-income ratios, residual incomes and loan histories, as well as complete credit histories and FICO scores.
Credit requirements for VA home loans can vary from lender to lender. If it turns out your current credit situation is preventing you from getting a veteran's home loan, then your loan professional can help you understand the problem areas in your credit history that need improvement. Strategies like paying your debts on time, paying off or paying down credit cards, or selling a car and paying the loan in full can make a noticeable difference in your FICO score.
If you have questions about applying for a VA loan with bad credit, contact a VA mortgage professional. He or she can advise you about qualifying for a VA loan.
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