Bad Credit VA Mortgage Loans

For nearly 75 years, the U.S Department of Veterans Affairs created a loan program (VA) that gives veterans the chance to purchase a home with more favorable interest rates than those charged to conventional borrowers. Veterans and spouses qualified for a VA home loan must relocate to the home they are looking to purchase. They must have enough income in order to make monthly payments. However, what if service personnel is looking to take a VA home loan with a bad credit? What if they have no credit history at all? It's all easy, we offer bad credit VA mortgage loans.

When talking of the VA loan program, there’s one thing that’s certain, among the various advantages of the VA loan program, the Department of Veterans Affairs did not create minimum credit score to be qualified for a loan. This implies no specific credit score is required from a borrower when applying for a loan, however, the term bad credit was established by lending companies with their own goals and requirements to be qualified for a loan. Such requirements are known to be highly subjective which makes investors coming up with different requirements for their lending services which makes it difficult to approve VA loans for those with bad credit or late payments.

A borrower with unpaid debt, collections and judgments may not be rejected for a loan but a lender might be wary of working with a borrower with an excessive financial hardships, some of those lenders might only be interested in just your credit history of the last 12 months while a suitable explanation why you made some late payments just can’t be enough to get things going.

Have you been considering the option of a VA loan but you have the problem of a bad credit? Do you think it’s impossible for people with bad credit to get a VA loan? 50stateslending is here to help! Working with us will have a team of highly trained loan officers on your side to get you through the VA home loan process with success and with a strategy that suits you. With the numerous lending agencies out there implementing different conditions to be qualified for a VA home loan, most veterans and spouses now think it’s impossible to be approved for the loan with a low credit score.

Can You Get a VA Home Loan With A Bad Credit Score?

Many vets and spouses have lost hope in terms of getting a VA home loan as they have a bad credit, they fail to realize there’s still a chance to be approved so long as you meet government requirements to be qualified. Despite what you think or what you may have heard, you can still be approved for the loan when working with us. You must now be wondering how someone can qualify for a VA loan with a bad credit score as I said before, a low credit score is determined by your lender. Our strategies are designed a way that every client is satisfied regardless of their credit score so long as you meet the least requirements to be qualified for a VA loan. Get to us so we can guide you through the loan VA loan process.

Contrary to the popular belief, VA home loan can be possible for people with bad credit score and in similar conditions like listed below;

  • A stable income

  • No outstanding collections

  • No outstanding judgments

  • No late payments within the time of 12 months

  • Bad credit of 530 to 620

Other lending companies normally have a lower limit of 620 credit score to get financing for those with poor credit scores, 50estateslending has made it possible for those with credit scores as low as 530. VA mortgage loans were made with the aim of satisfying the borrower and not the lender, we work hard for the satisfaction of every client. The program was created back in 1944 as an appreciation to service personnel returning from World War II. We assist every Veteran to use the VA home loan achieve their buying needs.

However, one of the main hassles of being approved for a regular home loan is getting a good credit score, down-payment, and closing costs. Most veterans who spent most of their lives oversee would definitely lack a good credit score to get financing, some lack the funds for a down-payment for which the VA program was made to free veterans from such worries after their completed service so they can own a home. Since the creation of the VA home loan program, a few changes have been made including the increase in the amount veterans can borrow and the ability for an active duty individual apply to a VA home loan.

Will a Bad Credit Score Affect The Loan Amount When Getting a VA Loan?

As stated by the U.S Department of Veterans Affairs, no credit score can affect the total eligible loan amount as there is no maximum debt ratio that could get you qualified for a guaranteed loan. Back in 2017, the VA loan had a limit of $424,100 for homes in most of U.S counties while the 2017 limits for the 238 most expensive U.S neighborhoods was set at $636,150. This means everyone qualified for a VA home loan can receive it despite the presence of bad credit, you will only be able to get the loan within the county limits which is the only factor that can influence the loan amount.

More to that, no down-payment is needed to get a VA loan approved despite your credit score unless you’re going for a property worth more than the loan value. The VA loan receivers are given the chance to avoid paying for mortgage insurance known to be common in conventional loans.

Working with us will give you the ability to access your VA loan with ease as we work with your satisfaction in mind. Late payments should never be a problem when collecting your VA loan, we get your loan approved so you can own a home.

Demetiy Johnson

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