You Can Get a VA Mortgage Loan Even With Bad Credit
When it comes to VA mortgage loans, many people with bad credit worry that it will disqualify them. However, this is not true. Even if you have bad credit, it is possible to get a VA mortgage loan. These loans are designed to help veterans, especially veterans buying a home for the first time, to be able to get into a home. Even if you have bad credit, the Veteran’s Administration will still help you get a loan guarantee.
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How does a VA mortgage loan work?
The point of the VA mortgage loan is to provide a way for veterans to receive favorable financing. The VA does this by guaranteeing the loan made through lenders. Additionally, there is an entitlement benefit that is basically $36,000 that acts as a down payment. This means that you can get a home without a down payment, and still get competitive interest rates. If you are looking to get a VA mortgage loan with bad credit, you will still have to pay higher rates than someone with good credit, but your VA guarantee would allow you to get a better interest rate than you would get without the BA benefit and guarantee.
Are lenders required to honor VA loans?
Because the loan is made through private lenders, even if you have good credit, the lender is not required to make the loan to you. However, most lenders are willing to work with you, even if you have bad credit, when you are eligible for a VA mortgage loan. If one lender will not give you a loan, you can always shop around, much like you would if you did not have a VA loan.
Bankruptcy and a VA loan
You can still get a VA mortgage loan, even if you have had a bankruptcy. However, you should be at least 12 months out before attempting the loan. You are still considered a credit risk, as you have not had adequate time to re-establish yourself as a responsible credit user. If it has been two years since your bankruptcy, you are likely to get the VA mortgage with bad credit. If it has been more than 12 months, but less than two years, your case will be reviewed to determine the situation. A letter of explanation may be required, especially if your bankruptcy was due to events (such as medical bills) that were beyond your control.
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Act Now! Lower your monthly mortgage payment!
- Competitive rates and no hidden fees
- Bad Credit OK
- New Purchases, Home Equity & Refinance
- One dedicated mortgage banker from first call to closing
- Quick Application with worthwhile results
If you are looking for a mortgage loan but have "less than perfect credit" this company has options for people with credit problems. Complete a short form and get one dedicated mortgage banker from first call to closing with a simple, straightforward process.
Mortgage rates are still low. Refinance & Lower Your Payment!
- Get Started on a Lower Payment Now!
- America's #1 Online Lender
- Save More and Spend Less!
- No Obligation and Free Expert Advice Another Great "bad-credit" Mortgage Company! QuickenLoans is also a competitive mortgage company for people with all types of credit including poor credit. Refinance or get new mortgage offers from this reputable Web based mortgage lender.
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