Poor Credit? No Problem!
Do you really have poor credit or do you think its poor? Most people who say they have poor credit actually have good credit. Your credit is not considered to be poor if you were late a couple of times on a payment. The fact is you may have been late, but does it appear on your credit report? Even if it does, if it only happened once or twice and you have good explanation, then you shouldn’t have a problem getting a VA loan.
Examples of Poor credit
You do not pay your bills
You are always late often 30 days or more.
You are completely maxed out on multiple credit cards.
You have been turned down for credit before
You recently had a car repossessed
You filed for bankruptcy within the last 2 years
You May still be able to get a VA Loan
So you have a couple dings on your credit file from the past and your score is not very high, but have you been consistent with your payments for at least 12 month? For VA Loan qualification, your credit score is not a factor. The VA has determined the single most important thing is, if you have a history of making your payments on time. Even if you were a few days or even a week late, chances are this will not appear on your credit report. Creditors will report late payments to the credit bureaus when they are 30 days or more late.
If you’re concerned about qualifying, contact VA-Loan.com right now and ask a loan officer. You may be surprised that you qualify to buy that new home you’re wanting.
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