The VA house loan is designed for borrowers with all credit types. If you have had a bankruptcy, foreclosure or other bad credit, you can still get approved.
VA home mortgages are not based off of your credit score. If you are qualified, you can use your benefit to get as many VA loans as you want, the only restriction is that you cannot usually have more than one VA mortgage at a time. VA home loans for people with bad credit must be used to finance your personal residence within the United States or its territories, but you have many choices regarding the type of home you may purchase. The homes that you can buy with VA loans can be of the following types: 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 Mortgage?
VA Home Loan qualifications are sometimes easier than a conventional loan. It offers 100% financing, no down payment, no penalties if you prepay the loan, competitive interest rates and sellers can pay all closing costs.
How do I know if I qualify for a VA Home Loan?
Most people have no idea that they actually DO qualify. There are many different criteria for qualifying for a Veterans Administration Home Loan. If you are or were on active duty in a branch of the U.S. military (Army, Marine Corps, Navy, Air Force, Coast Guard) for the required amount of time or if you were or have been a Reserve Service Member 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 remarried, then you can qualify for the VA Home Loan. If you have remarried, you can still qualify if you remarried after the age of 57 and after December 16, 2003.There is eligibility for the spouses of service members who are missing in action or are prisoners of war or you can claim your eligibility by being a Native American service member who meets the other service qualifications, and wants to buy, improve or build 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. Congress has established laws that govern VA guaranteed mortgages and the VA loan guarantee.
To see what you qualify for contact VA HLC to get started.
To Apply For A VA Loan Program, to inquire about VA mortgage rate info or to get a VA Loan application mailed to you call 888-554-6846 or visit => VA Home Loan Centers. Philip Georgiades is the Chief Loan Steward for VA Home Loan Centers San Diego.
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