Can I Qualify For A VA Loan With Bad Credit?

If you are a first time home buyer, owner of many homes, or if you had a recent foreclosure or bankruptcy, you may apply for a VA loan. VA loans are available to borrowers with all credit types.

VA loans do not have a minimum credit score. The lenders who issue them though do have credit score overlays. The trick is to find the right lender for you. If you meet the criteria, you can get as many VA loans as you want. However, you can only have 1 open VA loan at a time. VA home loans can be used to purchase a home in any US territory or state. Almost any home will qualify for the program. The following types of homes qualify for VA loans: existing single family home, (house, duplex, triplex, fourplex) townhouse or condo, new construction residence and manufactured homes with a permanent foundation; just to name a few.

Is it hard to qualify for a VA Home Loan?

In fact, the criteria to qualify for a VA loan are more relaxed than the same guidelines as a conventional loan. Among the advantages of the loan program, the VA loan offers $0 money down, no prepayment penalty, and interest rates lower than conventional home loans.

How do you qualify for a VA loan? Most borrowers that do qualify do not even know that they do. There are many different criterias for qualifying for a VA Home Loan. If you are or were on active duty in a branch of the U.S. military services (US Army, USMC Marine Corps, US Navy, USAF Air Force, Coast Guard) for the required amount of time or if you were (or have been) a Selected Reserve Service Member (including National Guard) for a minimum of 6 years or more. Also there is eligibility by being a surviving spouse of a deceased veteran (who died during service or as result of a service disability). If you have not yet re-married, then you are still eligible for a VA loan. If you have remarried and did so over the age of 57 or after the December 16, 2003, you may alo9s be eligible for the home loan guarantee.If you are the spouse of a POW (prisoner of war) or MIA (missing in action) you may also claim the benefit. Additionally, if you are a Native American Indian, you can use the benefit to purchase, build, or remodel a home on trust lands. If any of these pertain to you, then you may qualify for a VA Home Loan.

Getting a VA loan is easy. The rules that apply to VA loans are not the same as those for conventional loans. VA loans do not have a minimum credit score, for example. Another thing is that VA loans are governed by law and not bank regulators. Contact a VA HLC representative to get started.


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If you would like more info about the VA loan program, visit, call or click VA Home Loan Centers 888-573-4496. ABout the author - Philip Georgiades is a VA loan advisor to many real estate brokers and is licensed by the California Department of Real Estate.