Bad Credit VA Mortgage Loans

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Why Did My Credit Score Drop?

If you noticed your credit score has gone down since the last time you reviewed it, there’s probably a good reason. To make sense of it, compare these common reasons for a drop in a credit score to how a new creditor might interpret those actions or behaviors. Read more

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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

50StatesLending.com

VA Home Loan Approval With Late Payments

A veteran calls me and his question was. Is it possible to get a VA home loan approval with late payments?  The answer is yes. When a veteran applies for a VA home, the lender runs your information through a program called Desktop Underwriting.  DU analyzes the risk of loan for the lender to determine the creditworthiness of the veteran. If the lender receives an approve eligible findings this lets then know that it's okay to move forward with the loan regardless of the late payment reporting on the credit report.

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Bad Credit VA Mortgage Loans

We need legislation to cover the US Guard and Reserve [Commentary]

It’s time to be honest about the Guard and the Reserve — despite their name and low-commitment reputation, it’s been a long time since serving as a member of the Reserve component, or RC, has truly consisted of one weekend a month and two weeks of training in the summer. 

The RC has been a consistent source of boots on the ground in Iraq and Afghanistan, used to ameliorate the operational tempo and strain on the active-duty force. However, rhetoric surrounding the “total force” concept is only now catching up with reality, and there’s a moral imperative for legislation and policy to do the same. Congress should update the Uniformed Services Employment and Reemployment Rights Act, also know as USERRA, to reflect the increased training commitments of today’s force and consider additional tax benefits such as deductions for hiring reservists and tax exemptions for "differential pay." 

The role of the RC has shifted from “a strategic reserve to an operational force." High-demand Army National Guard units are facing an increase of training days up to 60 a year over the course of four years, while the Air National Guard is trying to negotiate with employers, recognizing that airmen often work 60-80 days a year to meet necessary training demands. As training increases, leaders cite a focus on predictability to try and mitigate the impact on families and employers, yet this may not be enough. 

Though the RC is more operational than ever, there has been no legislative action reflecting this change to ensure the men and women serving in the Guard have the necessary legal protections to do so effectively. A recent memo to the Massachusetts National Guard notes: “We will constantly be challenged by operational demand, the urgency of readiness requirements, and the constraint of time as a reserve component of the Army.” .... Read more

2017 Basic Allowance for Housing Rates

The Basic Allowance for Housing (BAH) is based on geographic duty location, pay grade, and dependency status. The intent of BAH is to provide uniformed service members accurate and equitable housing compensation based on housing costs in local civilian housing markets, and is payable when government quarters are not provided.

For your personalized pay and allowance computation check out our Military Pay Calculator.

Each year the BAH tables are released between December 15 and January 1.

Current BAH Rates:

The overall average military Basic Allowance for Housing rates across the country increased over the last year. As noted above, BAH rates are based on the combination of local costs for rent, utilities and renter’s insurance for various housing types. Any fluctuation of one or more of those factors in a given location will affect BAH rates for that location. 

Any active duty servicemembers who see a drop in BAH for their locality will have their BAH protected, thanks to "individual rate protection," which was adopted by Congress over a decade ago. On the other hand, those who live in an area that sees a BAH increase will enjoy a bump in the paycheck.

View the Current BAH Rates 

According to the DoD, BAH rates now make it possible for servicemembers to have zero out-of-pocket expense -- for servicemembers living in civilian rented housing. Since 2008 the BAH rates are directly related to the cost increases of the local rental housing markets.

Although BAH rates will generally either remain stable or increase, there may be some areas that decrease due to a decreasing local rental market. However, individual rate protection will still apply. Individual rate protection prevents the decrease of a BAH rate as long as the status of a servicemember remains unchanged. The servicemember who is already attached to his or her unit and receiving BAH will receive any published BAH increase, but no decrease. When the new BAH rates go into effect, rate protection assures that the servicemembers typical out-of-pocket costs may be less, but never more, than upon their reporting date.

Bad Credit Scores Now Qualify VA Loans

Good news for veterans of the U.S. military. It just got easier to qualify for a VA mortgage if you have less than perfect credit. You can now qualify for a VA loan with a bad credit score as low as 580. That’s one of the lowest qualifying scores you’ll find in today’s mortgage market.

And, veterans and active members of the military can qualify for a VA loan with the low credit score of 620 as well.

Borrowers who meet this minimum credit score criteria can lock in a 30, 25,15year fixed-rate loan with a VA loan. This is great news for people who have been unable to qualify in the past because qualifying credit thresholds were higher.

If your credit is at least 580 and you want to take advantage of low home prices and mortgage rates, this is your chance!

One thing mortgage clients need to keep in mind – additional underwriting guidelines to the standard VA guidelines may apply when qualifying for a loan with a credit score of 580. Contact a 50StatesLending.com today to qualify for this unbelievable opportunity!