Not all applicants have their VA loan eligibility. Talk to approved VA lender to verify you have what is needed for VA mortgages. Many people with past credit issues have found a good alternative with FHA home refinance loans because the guidelines are more forgiving with credit.
VA Loan Qualifications
VA is the only current loan program on the planet that enables 100% home financing. Take advantage of the quality loan support from the team at VA Home Mortgage Loans.The basic premise of the VA loan is similar to that of the FHA loan. At the core, this loan is not credit score driven. The VA loan looks at the overall credit worthiness of the borrower in making a decision. The following basically outlines what the VA approved lender looks for:
- In determining credit worthiness for a VA loan, the focus is on the last 12 months of payment history. Underwriting can also use alternative sources of credit such as utility bills and cancelled checks if the credit depth is weak. A
prior bankruptcy (BK) or foreclosure is also forgivable. Depending on the type of bankruptcy, you would be eligible one to two years following your discharge date if you've reestablished positive credit.
VA Home Loan Eligibility – Do You Meet the Standards for a VA Loan Program
- 90 days or more of active duty service during wartime