Getting a VA Loan and Your Credit
There are many advantages of a VA loan over a traditional loan. For starters, a veteran will be able to enjoy lower payments on the home they purchase. It is also easier to qualify and you won’t have to put money down on the purchase. This is something that is great for first-time home buyers.
While it is easier to qualify for a VA loan, there are some items that are required to be able to apply for this loan in regards to the amount of time served. For example, if you served during peacetime, you must have served for at least 181 days.
For those who have served during active duty, they must have served at least 90 days. Members of the Reserves or National Guard must have served for 6 years or longer. The …show more content…
However, most do require that applicants maintain at least a score of 620, even when applying for a VA loan. This score will then be combined with information about the applicant’s employment and income history so the lender can make the best decision possible.
Tips for Qualifying
If you are concerned about qualifying for a VA loan, there are several things you can do to help improve your chances. For starters, take a look at your credit before you apply for the loan. You can do this by reviewing your free annual credit report that is provided by the three major credit bureaus.
Remember, each bureau may be a little different, so you should review all three before you are making any large purchase. Start by looking at any item that should no longer be on your credit. Certain items are only allowed on your credit for so many years, but sometimes they are not removed in a timely fashion. Make sure all the items listed are up-to-date and legitimate.
Next, take a look at the current obligations you have in place. Take some time to ensure that all payments are kept up to date and not late. This is something lenders will want to see when they are looking at your credit
There are many advantages of a VA loan over a traditional loan. For starters, a veteran will be able to enjoy lower payments on the home they purchase. It is also easier to qualify and you won’t have to put money down on the purchase. This is something that is great for first-time home buyers.
While it is easier to qualify for a VA loan, there are some items that are required to be able to apply for this loan in regards to the amount of time served. For example, if you served during peacetime, you must have served for at least 181 days.
For those who have served during active duty, they must have served at least 90 days. Members of the Reserves or National Guard must have served for 6 years or longer. The …show more content…
However, most do require that applicants maintain at least a score of 620, even when applying for a VA loan. This score will then be combined with information about the applicant’s employment and income history so the lender can make the best decision possible.
Tips for Qualifying
If you are concerned about qualifying for a VA loan, there are several things you can do to help improve your chances. For starters, take a look at your credit before you apply for the loan. You can do this by reviewing your free annual credit report that is provided by the three major credit bureaus.
Remember, each bureau may be a little different, so you should review all three before you are making any large purchase. Start by looking at any item that should no longer be on your credit. Certain items are only allowed on your credit for so many years, but sometimes they are not removed in a timely fashion. Make sure all the items listed are up-to-date and legitimate.
Next, take a look at the current obligations you have in place. Take some time to ensure that all payments are kept up to date and not late. This is something lenders will want to see when they are looking at your credit