VA home loan credit score

The VA does not require a certain credit score in order for approval.

In the recent years, eligible veterans and military personnel have enjoyed an easier mortgage process than was available to many home buyers obtaining conventional loans. Occasionally, a veteran could receive a loan through the VA with a lower credit score and little or no down payment.

Changing economic conditions and increased losses due to loan defaults have motivated lenders to limit the availability of such mortgage deals.

Since early 2010, most lenders in the U.S. have tightened their lending and credit score requirements, making these loans harder to come by.

These conditions similarly impact the Idaho VA Streamline Refinance program. Previously, the program let borrowers with a standing VA loan refinance to another VA loan without an appraisal. This allows veterans to navigate the process with much less paperwork by streamlining the process.

Most lenders now require borrowers to pay up to $300 or more for their own appraisal, which varies in price depending on the location and value of the home.

There is some good news for those eligible for a Boise Idaho VA loan, and the VA lenders who offer them: VA borrowers default significantly less (2.6%) than prime borrowers in general (3.4%).

However, the credit scores of V.A. insured borrowers are generally lower than other prime borrowers, according to the Federal Housing Finance Agency.

All things considered, Boise Idaho VA Mortgage loans remain a great opportunity. Veterans and active duty military personnel who qualify can often secure a low mortgage rate and meet the VA loan requirements even if their credit score is less than perfect.

In addition, about 25% of applicants to the Boise Idaho VA Mortgage loans, such as disabled or retired veterans, qualify for exemption from the one-time insurance fee that amounts to about 0.5% – 3.3% of the loan amount, depending on the scenario.

Frequently Asked Idaho VA Home Loan Questions:

Q: What is a VA Guaranteed Home Loan?

A: VA guaranteed home loans are loans made to eligible veterans for the purchase of a home as their primary residence. The guaranty means the lender is protected against loss if you fail to repay the loan. The guaranty replaces the protection the lender normally receives by requiring a down payment allowing you to obtain favorable financing terms.

Q: Does my entitlement guarantee that I will get a home loan?

A: No VA cannot compel a lender to make a loan that would violate their lender policies.

Q: How much is my entitlement?

A: Your basic entitlement is $36, 000. For loans in excess of $144, 000 to purchase or construct a home, additional entitlement up to an amount equal to 25 percent of the Idaho VA county loan limit for a single family home may be available . This means that qualified veterans could get a no down payment purchase loan for those amounts.

Q: How do I apply for a VA guaranteed loan?

A: You can apply for a VA loan with my company who is a mortgage lender that participates in the VA home loan program. At some point you will need to get a Certificate of Eligibility from VA to prove to the lender that you are eligible for a VA loan.


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Improving my credit score

2012-02-16 15:13:43 by Eric3230

Hey everyone,
I currently have a horrible credit score but have come across some money and want to find the best way to improve my credit. I would like to get pre-approval for making offers on real estate by the end of the summer/early fall. I will try to explain my current situation and ask for advice/opinions on the different options presenting themselves.
I currently have a 591, an auto loan account that has been written off as bad debt by the lender. This will cost me about $7000. I plan on making offers with the lender to have this account changed to paid in full


Bad credit is not frugal

2007-02-23 20:06:54 by Just_been_there

As you now know, with a poor credit rating you pay higher interest even if you can get credit. Very unfrugal.
Being a veteran only helps if you are getting a home loan. But the VA wants you to have good credit as well before they'll guarantee a home loan for you. They will expect you to pay off any collection accounts, including medical bills, before they'll extend credit. By the way, no lender considers a divorce an adequate reason to have bad credit. That may seem unfair, but that's the way it is.
There are no "quick" fixes, but your credit can be repaired. So in order:
1) Pay off any old collection accounts

Costs

2005-05-27 00:00:30 by daring_pup

Congrats on being ready to buy a home!
I'm a loan officer (part-time) in MD,VA,DC
and can be contacted at anony67890@gmail.com
for free advice.
There are a couple of things to look for
when following this process. Make sure
you have financial documentation for 2
years.
A credit score abouve 740 will guarantee
you a very good rate.
You have to decide on how long you plan
on owning the home. If its for less than
5 years, then a 5/1 ARM would get you a
lower rate for the first 5 years. If its
for the rest of your life then a 30 year
mortgage with a higher rate is better

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