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Credit is always an important topic for so many reasons. I’ve written about it a lot here at VA Loans Insider and within our amazing Facebook community.
There’s so much that goes into making this a complex topic, from how you get credit scores and what impacts them to the steps you can take to raise your score and get in a great position to prequalify for a VA home loan. Today, without a relatively solid credit score, you’re going to struggle to take advantage of the lowest interest rates in years and the benefits earned by your service.
That’s why I’m excited to host a live interview and chat this Wednesday at 8 p.m. CST with Carla Blair, a credit expert from our Department of Secondary Approval (DSA). Carla and I will talk about credit, credit scores and home loans and — we hope — hear from you and answer your questions. You can connect with us multiple ways during the interview:
This is a great opportunity to ask all the questions you have about this crucial part of the lending process. Whatever you wanted to know but were afraid to ask — now is the time.
Our post announcing the VUN Live chat series explains how to join Google+ and connect to our page, which you’ll need to do in order to interact with us or simply watch the live interview Wednesday.
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12 Comments
Does the VA allow for co-signers?
A co-borrower must either be a spouse or another veteran with VA loan entitlement.
i recentley had a MORTGAGE PERSON TRY TO LOWER MY INTREST FROM 5.80 TO A 2.00 WITH A SLIDING RATE FROM THE INDEX OF GOVERNMENT RATES – T BILL? SHOULD I FOLLOW THRU? HELP?
@David: Sounds like an adjustable-rate mortgage (ARM). These can make sense for some borrowers, but I generally think a fixed-rate mortgage, especially where rates are now, is often a safer approach. That way you’re insulated against rate hikes that drive up your mortgage payment.
Under what circumstances will a service connected disabled vet have to pay the VA Funding Fee?
@Billy: None. Veterans with service-connected disabilities don’t have to pay this.
what is the minimum fico score that VA requires?
@Michelle: The VA doesn’t have a credit score requirement, but it also doesn’t make loans. It basically insures them. VA-approved lenders are generally looking for at least a 620.
Why can’t we find information on the origination of our loan in 2005. I have been told many stories but no paper to back it up and it may save us from foreclosure?
@Alison: Who was your lender and/or servicer?
My hubby is a 80% disabled veteran retired. I understand there are ways to do a 100% Va Loan from our FHA loan based on the fact that he is disabled. Do you know anything about this?
@Kim: You can refinance a non-VA loan into the VA program using the Cash-Out refinance option. Disability status doesn’t have much bearing other than your husband would be exempt from paying the VA Funding Fee. You can talk with a Veterans United refi specialist at 888-212-1958.