VA Loans With Bad Credit
In this blog, we will cover VA loans with bad credit. You’re a Veteran with a Certificate of Eligibility and looking to buy a new home. You may now qualify for VA loans with bad credit. VA loans are one of the best home loan programs in this country. Michael Gracz, a senior loan officer at Lending Network, LLC, is an expert on VA loans. Mike shares his expertise about VA and FHA loans and compares the two mortgage loan programs:
Many of my borrowers have told me their previous mortgage lender could only approve them for FHA loans but not for a VA loan. Here are a few reasons other lenders cannot qualify them for VA loans with bad credit but can qualify them for FHA loans with exactly bad credit:
Some basic facts, but picking the RIGHT Lender is the Secret! Most mortgage lenders will have VA lender overlays, EXTRA REQUIREMENTS, that are even higher than FHA Lender Overlays. With them, you lose, even before you get a chance. Lending Network, LLC, is a national lender with a reputation for being able to do mortgage loans other lenders cannot do. The Lending Network, LLC team are mortgage brokers with no lender overlays on VA loans. We have a reputation for being able to help veterans with credit scores down to 500 FICO.
Shopping for VA Loans With Bad Credit
Many Veterans will have less than perfect credit after retiring from the Government, and VA fully understands the circumstances, and the VA Guaranty program already accounted for this fact.
VA loans are much easier to qualify than any other loan program, so don’t delay. Call us at Lending Network, LLC Today! VA Loans are the BEST mortgage loan program in the nation. HOWEVER, only Veterans of the United States Military with a COE, CERTIFICATE OF ELIGIBILITY, can qualify for VA loans. Call Today to get Qualified!
It is most likely that Veterans have lower credit scores or bad credit. VA also has much more lenient credit guidelines than FHA loans.
FHA Versus VA Loans With Bad Credit
The waiting period is usually two years after a Chapter 7 Bankruptcy discharge date to qualify for a VA Loan. It is typically the same waiting period to qualify for a FHA loan. The waiting period to qualify for a VA loan after a short sale, foreclosure, or deed-in-lieu of foreclosure is two years.
The team at Lending Network, LLC are experts in originating and closing VA loans with credit scores down to 500 FICO Credit Score. We have ZERO VA LENDER OVERLAYS or EXTRA REQUIREMENTS. You can apply and qualify for VA loans with Bad Credit, NO EXCUSES!!!
For FHA, the waiting period is typically three years to qualify for an FHA loan after a short sale, foreclosure, or deed-in-lieu of foreclosure. Student loans deferred for 12 or more months are exempt from debt-to-income calculations with VA loans.
HUD and VA are the only mortgage agencies allowing manual underwriting on FHA and VA loans. Borrowers in an active Chapter 13 Bankruptcy repayment can qualify for an FHA or VA loan while in Chapter 13 Bankruptcy repayment plan. The Chgapter 12 Bankruptcy does not need to be discharged. There is no mandatory waiting period after Chapter 13 Bankruptcy discharge date to qualify for an FHA or VA loan. Needs to be a manual underwrite if the Chapter 13 bankruptcy discharge has not been discharged for at least two years.
HUD does not exempt deferred student loans from debt-to-income ratio calculations. To qualify for VA loans with bad credit, contact us at Lending Network, LLC, gcho@lendingnetwork.org. You can call us at 844-428-LOAN. You can text us for a faster response. The Lending Network, LLC team is available seven days a week, evenings, weekends, and holidays.
