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Securing VA Home Loans With Bad Credit: Tips For Approval And Qualification
For former members of the military, the challenge of adjusting to civilian life can be quite acute. It is a common thing to see those who have left the military, either because their tour has ended, they have suffered a disability or they simply decided to retire, to fight. But when buying a home, the availability of bad credit VA home loans means that a financing option is available.
The military holds a special place in the lending industry, with a variety of incentives offered to current and former members seeking loan funds for any reason. But securing mortgage approval from the VA depends on more than just membership.
So, what are the criteria needed to secure approval for a VA home loan? What can be done to increase your chances and where can they be secured from? Here are some factors that answer these questions.
Qualify for VA funding
Those that qualify for funding from the VA are former members of the military. But that’s not to say that any former member will get the green light. Securing a bad credit VA home loan comes down to meeting 3 key conditions.
Since those seeking mortgage approval from the VA often have incomes not related to the military, it is likely that they have suffered bad financial experiences. The VA wants to make sure that they are not incurring a major financial risk.
Consequently, applicants cannot default on a loan in the previous year, cannot have bankruptcies on file in the previous 2 years and must have proof of gainful employment. Once these criteria are met, then a VA home loan is on the cards.
The definition of ex-military members isn’t as clear cut as it would seem, with those unable to serve due to disability included in the group – at least by the VA. As a result, currently disabled or benefit recipients can apply for a VA home loan with bad credit.
Just like with any other loan, taking steps to improve your credit scores (even marginally) can make a huge difference to your chances of getting your VA approved for your mortgage. The best way to do this is to clear some existing debt, or at least be up to date on credit cards and other bills. It may be worth taking out small personal loans to pay off individual debts.
The upside when looking for a VA home loan is that with each debt that is paid off, your credit score increases and your debt-to-income ratio improves. Ratio is the key factor in any loan application. If you get it right, approval is almost guaranteed.
Where to get a VA home loan
Despite the title of the loan product, a VA home loan is not actually granted by the VA. They only offer their support to the applicant, while the mortgage provider actually provides the financing. For this reason it is necessary to find a suitable online lender to get the best possible terms.
However, the fact that the VA is willing to sponsor the applicant means that the guaranteed conditions can be very good, also because the interest rates are lower. But getting a VA home loan with bad credit usually means no down payment is needed, and the VA also guarantees 25% of the mortgage.
With a low level of risk, lenders are happy to grant the mortgage. However, be wary of certified VA home loan providers. These are trusted VA partners, reducing the risk of being taken advantage of and offering a higher likelihood of VA mortgage approval.
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