How To Obtain A VA Loan?

With Bad Credit

Home Loan Typically, it is difficult for a person to

obtain a home loan with bad credit history or report.

The department of Veterans Affairs (VA) offers a home loan in which veterans or military families can purchase a home or a property, even with bad credit scores.

1. Know Your Eligibility

Know Your Eligibility It is important to know whether you’re

eligible for a VA home loan before considering your credit score.

You may be eligible if you have served in the military department for at least 90 or 180 days during the war or during the peace period.

2. Make Payments

Make Payments Clean your bad credit by making

payments on time for 12 months to apply for a VA home loan.

Remember, loan qualification is not based on your credit report. Instead, it is based on the payments you have made for the past one year.

3. Bankruptcy

Bankruptcy If you have gone under bankruptcy you

need to wait for at least two years to qualify for a VA home loan.

However, bankruptcy can reduce your credit score, but still can obtain a VA loan as long as your payment history has been undefiled in the last two years.

4. Foreclosure

Foreclosure Wait for at least two years after

foreclosure on the property you have owned already.

If the foreclosure happens on the VA home loan, then you’re not eligible for a new VA home loan.

5. Co-Signer

Co-Signer

Look for your spouse to cosign if he/she has a good credit history.

His/her considerable income will definitely help you to qualify for a larger loan amount.

6. Ask Help from Friends/Relatives

Ask Help from Friends/ Relatives Ask help from your friends, relatives or

neighbors to secure a VA home loan.

However, the department of Veterans Affairs (VA) won’t accept the non-veteran contribution on a VA home loan.

In this case, it is difficult to convince your mortgage lender to offer a VA loan with a different co-signer.

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