VA Home Loans for Bad Credit
March 25, 2010 by admin
Filed under Bad Credit, Loans
It is still possible for veterans with bad credit to qualify for a VA Loan. But as you probably expect, it will be more difficult for you to qualify than it would be for someone who has a good credit score. The guidelines that are involved in obtaining and underwriting a VA loan are more flexible than those required by other programs the government offers, for example, the Farmers Home Administrations. There are some things you should expect if you are a veteran with bad credit and you are looking for a VA home loan.
You have to wait for a minimum of two years before applying for a VA home loan if you have filed for a Chapter 7 bankruptcy. But there is one exception. In the event that the bankruptcy was due to unforeseen circumstances, for example, medical reasons or being fired, it is possible to apply for the VA home loan after only waiting one year after the bankruptcy.
If you are seeking to rebuild your credit so that you can obtain good credit and become eligible for a VA loan, you can get a secured credit card to help improve your credit score if you use it responsibly.
If you do decide to get a secured credit card you have more than one option available, you can choose to either apply online or go to a bank; by applying for the card online you will have more options available and be able to get a better deal.
Comments
Feel free to leave a comment...
and oh, if you want a pic to show with your comment, go get a gravatar!