Q. I dont know my exact credit score but Im sure my credit would be considered poor. I looked at the VA website FAQ page and elegibility requirements and it only talks about military requirements not credit. Has anyone gotten a VA home loan with poor credit or know of someone who has? Or does anyone have an intricate knowledge of the inner workings of VA loan approval? Thanks.
A. First...the VA does not make Loans...
They only Guarantee part of the Loan...
You must obtain an Eligibility Certificate from
the VA...then go to a Bank or Lending institution
and fill out their paperwork...for a mortgage...
If you have BAD Credit they will not give you
a Mortgage...
They only Guarantee part of the Loan...
You must obtain an Eligibility Certificate from
the VA...then go to a Bank or Lending institution
and fill out their paperwork...for a mortgage...
If you have BAD Credit they will not give you
a Mortgage...
When purchasing a home using the VA home loan, does the property have to be the veterans primary residence?
Q. My husband and I purchased our first home last year using his VA home loan and now we may have to relocate to another state for work. We do not plan on selling the house but instead plan on renting it out. Will that forfeit the VA home loan and will we have to change our loan terms?
A. Yes, it does have to be a persons primary residence for a minimum of 2 years.
It's a situation where unless the finance company finds out about it, they can force you pay in full the loan amount. People try to get around it, but once they find out, the VA *will* pull their backing of the loan. It happened to someone at my husband's NOSC - they relocated due to PCS and it was less than 2 years and were forced to refinance.
You also wont be able to get another VA loan until this one is paid off.
Response: The VA loan backing is one aspect of it. Your mortgage company may have rules about how long you have to hold it as your primary residence. You signed those agreements. Read them, or have a lawyer look them over to make sure. Some companies are understanding of active duty military, some aren't.
It's a situation where unless the finance company finds out about it, they can force you pay in full the loan amount. People try to get around it, but once they find out, the VA *will* pull their backing of the loan. It happened to someone at my husband's NOSC - they relocated due to PCS and it was less than 2 years and were forced to refinance.
You also wont be able to get another VA loan until this one is paid off.
Response: The VA loan backing is one aspect of it. Your mortgage company may have rules about how long you have to hold it as your primary residence. You signed those agreements. Read them, or have a lawyer look them over to make sure. Some companies are understanding of active duty military, some aren't.
My husband and I have been discharged from a chapter 7 bankruptcy. How long do we have to wait to buy a home?
Q. My husband has a home loan guarantee through the military but what good is it if we cant get financed?
A. None, you need to have 2 years of seasoning on a bankruptcy before lenders will consider lending to you.
What kind of credit score do you have to have to get a VA home loan?
Q. I am in the Maine Corps and I would like to buy a house and a was wondering what credit score you have to have to get approved for VA home loan and how long it might take.... all help would be appreciated. THANKS!!!
A. VA Loans are a federal backed loan which means the credit score guidelines are lessened. Unless you have collections you should have no problems qualifying.
Make sure you have your military paperwork and use a lender familiar with VA loans.
Make sure you have your military paperwork and use a lender familiar with VA loans.
What can i do to protect my investments in a domestic partnership?
Q. My Partner and I are going to by buying our first house this spring. I am currently a full time student and work part time, he is in the military. We have decided to go through the VA home loan office which he has already pre-qualified for. The only issue is that because we are domestic partners i cannot co-sign on the loan and be on the mortgage (I believe). What can i do to protect my investments in the home? I plan on spending the rest of my life with my partner but if there was a life changing event and we needed to sell the home, how can i make sure that i would get the money I put in the home back?
A. You can't, but at the same time you will not be responsible for the payments or default. Until marriage is legal for you two, it won't be considered community property. You could draw up a lease and specify that you have an equal interest in the home or an ongoing lease to secure your tenancy in the home. The problem is that you are getting a VA Loan. It is for the him alone. You might visit with a Real Estate Attorney and see if there is an alternative. There may be a way for you two to draw up an Owner Finance agreement or something like that, but i don't think the VA loan will allow a 2nd lean. Now if it really means that much to you, you could buy the house as a partnership or LLC. The financing would be done though a bank and you would be required to put up 20% down and you may only be able to finance it for 20 years instead of 30. The interest rate could be higher as well and the VA pays some of the closing costs. I do think you should ask an attorney as see what they suggest.
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