Q. how do lenders treat people with past bankruptcy trying to use the VA home loan program? Are lenders more willing to lend money if they know 80% of loan is back buy the goverment?
A. Under a VA loan 100% is backed by the VA. The vet does not have to bring anything to the table except a few closing cost. In some instances if the Vet is smart negotiator he/she might be able to get away with paying nothing.
You have to find a mortgage banker or lender that does government mortgages. You might find one in your local telephone book or get a referral from a family member or friend.
As far as your bankruptcy is concerned if it is past 2 years since the filing date you should be ok. The older the bankruptcy is the better off you are. Lenders follow guidelines of the investors that they sell their loans to, thus the two year from filing date requirement.
If the bankruptcy still appear on your credit report you might be asked to write a letter of explanation as to why you decided to go into bankruptcy.
The mortgage loan application ask if you have been in bankruptcy in the last 7 years and further ask for an explanation.
I hope this has been of some use to you, good luck.
"FIGHT ON"
You have to find a mortgage banker or lender that does government mortgages. You might find one in your local telephone book or get a referral from a family member or friend.
As far as your bankruptcy is concerned if it is past 2 years since the filing date you should be ok. The older the bankruptcy is the better off you are. Lenders follow guidelines of the investors that they sell their loans to, thus the two year from filing date requirement.
If the bankruptcy still appear on your credit report you might be asked to write a letter of explanation as to why you decided to go into bankruptcy.
The mortgage loan application ask if you have been in bankruptcy in the last 7 years and further ask for an explanation.
I hope this has been of some use to you, good luck.
"FIGHT ON"
How long does it take to get approved for a home loan?
Q. We applied a day ago and wanted to know the time frame as to when anything would go through. I'm using my VA home loan also.
A. Normally it will be done within 30 days. If you are applying for a secured loan then this takes approx 10 days, a remortgage takes approx 6 weeks, or a first time mortgage takes about 6-8 weeks. Like you say, this depends on circumstances and is a rough guide if there are no hold ups and everything runs smoothly.
also depends on the number of application the bank have on hand at that time. Lender are more careful than before in their underwriting process and they are doing more credit check
also depends on the number of application the bank have on hand at that time. Lender are more careful than before in their underwriting process and they are doing more credit check
Who do I contact for help with VA home loan?
Q. We have a VA home loan and want to buy a house but have been told our credit is'nt good enough. We have a guaranteed loan and we have the income to buy. We want to buy in Pearland, Texas. PLEASE SOMEBODY HELP.
A. If you're buying in Texas and you're a veteran, call USAA and ask about the Tex-Vet loan program. Better interest rate than regular loans and USAA waives BOTH the origination fee and the Tex-Vet participation fee (each are usually 1% thru other lenders)
I have and descent credit score in the range of 650 and its going up can I get a home loan?
Q. I am looking to get a VA Home Loan, credit score is around 650 and it has been moving up, is there someone I can get a Home Loan through that approves people with that low of a score? I am a SGT in the Army.
A. Most lenders are looking for 740 credit score. It's a jungle out there.
Thank you for your service and good luck.
Thank you for your service and good luck.
how can i find a va construction loan lender?
Q. i am a veteran and trying to get a va construction loan but can not find one here in ky. all the bank and other institutions do not want do the paperwork and say it is not profitable enough to do. I am all ready preapproved through the va my certificate of eligibility on file in Virginia. we own our land. we plain to build with the help of family so we do not need to borrow much. we do not need a home loan but a construction loan that we can transfer to a va home loan when complete.
A. Honestly I don't think there is any such thing.
You use a conventional construction loan, and then convert to a VA loan upon completion.
You use a conventional construction loan, and then convert to a VA loan upon completion.
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