How to Qualify for a VA Loan with Bad Credit - VA Home Loanoan

If you are a veteran of the United States Armed Forces, you can get help with buying a home.

The VA loan program was created for the purposes of helping veterans returning from service afford a new home for themselves and their families.

There are a variety of ways that you can qualify for a VA loan even if you do not meet the requirements for other types of loans.

You should be aware of the advantages that come with applying for this type of loan over a conventional home loan.

BAD CREDIT DOES NOT NECESSARILY DISQUALIFY YOU FOR A HOME LOAN

Having less than perfect credit will not necessarily disqualify you from receiving a loan for a new home.

This is especially true if you were a veteran who spent a large part of your service overseas.

It can be hard to build good American credit when you have been receiving your pay and spending the bulk of it in a foreign duty station.

There are other reasons why you may be unable to make a standard down payment on a new home.

These are exactly the type of circumstances for which the VA has designed their loan program.

YOU DON'T NECESSARILY HAVE TO MAKE A DOWN PAYMENT

You do not automatically have to make a down payment in order to qualify for this type of loan.

However, the maximum limit for a zero money down loan will usually vary between $417,000 to over $625,000.

The amount of money you are eligible to receive will vary according to the location you choose.

The reason you can receive a loan with no money down is because of this special program created by the VA. The purpose is to make it simpler for veterans to purchase a home.

It also guarantees lenders that the loan will be paid in full in case of default.

This guarantee by the VA allows you to move into your new home as soon as you receive the funds.

WHAT ARE THE REQUIREMENTS FOR RECEIVING A VA LOAN?

To receive a loan of this kind, there are certain conditions that will need to be met. You will need to possess a satisfactory payment history.

You will need to show proof of employment for at least 2 years.

You also will need to show that your income is high enough and stable enough to cover the basic requirements for paying back your loan in a timely manner.

Your income will also need to be stable enough to cover all your present expenses. These include:

â– Car payment â– Medical bills and other costs

In addition to stability in your employment and income record, you will need to show proof of a credit rating of at least 620.

This is the minimum rating required.

However, there are certain circumstances in which your credit rating can be lower.

CONTACT YOUR LOCAL VA LOAN SPECIALIST

If you have any further questions concerning the VA loan program, you can contact the VA directly or your local VA loan specialist.

They will be happy to give you valuable advice and assistance concerning all the options currently available to you.

Mortgage Originator Jimmy Vercellino, specializing in VA loans, helps veterans use their VA loan benefit to their greatest advantage.

Be a proud homeowner today.

For more details call 480-351-5904 or visit the site www.valoansforvets.com

VA Loans for Vets 7600 E. Doubletree Ranch Road #200 Scottsdale, AZ 85258 Phone: (480) 351-5904 Email: jimmyv@fcbmtg.com