I have dedicated 24 years of service, and I have credit problems up and down. I would very much like to use the benefit VA HOME LOAN, which I have earned, but because of a credit score, I cant. granted, I'm still working to get the score better, but is there any other way I can used this benefit, please advise.
Answers
Hello Jerry,
I used a VA loan to purchase a home in 2013. Fill out the paperwork and get your VA certificate. Do a little house hunting I kept my certificate with me. If you find a house you like and can afford go for it and see what happens. I ended up getting a 30 year fixed through Chase at 3.75% and had seller pay closing costs. Worst they can say is no. If they do they will tell you what you need to repair credit wise to make it a go.
Caveat; make sure you know where your loan is originating from use a reputable lender
Good Luck
Jason
The easiest way is to go to a lender. They are hungry for VA home loans because they are government backed and easy to sell. All you need is to produce your DD214 and they can request the necessary loan documents from the VA. If they cannot, get a better lender.
However, they are still a loan and credit plays a large part. Even though they are government backed, the someone has to lend the money and the government has to approve it under the auspices it will be repaid. In many cases, they are more stringent than lenders (since they will loan out the entire sum with zero down).
So if a lender can't get it don't waiting in hold with the VA is a lost cause. You'll have to build your credit.
Morgan
Hello Jerry, Have you actually tried to go through the process or are you assuming you will not be able to qualify? If you haven't done so already, call VA and ask them. They will give you the facts. Many veterans have not so good credit but are able to use this benefit.
MSG. Al Hope, Sr, USA (Retired)
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