Credit VA Loans Insider

  • Can I Have Bad Credit and Still Get a VA Home Loan?

    Can I Have Bad Credit and Still Get a VA Home Loan?

    This post was inspired by VA Loans Insider reader Mary Ann Parker, who asked about securing VA financing with less than perfect credit. If you want to use your VA home loan benefits to unlock the door to your dream home and your credit is standing in the way, Veterans United’s Lighthouse program can help you get on the right track. For more details, read on. Credit Benchmarks The first issue is tackling …

  • Getting a VA Loan After a Bankruptcy

    Getting a VA Loan After a Bankruptcy

    We recently took a look at how foreclosure can affect your ability to obtain a VA home loan. This time let's focus on bankruptcy. For most prospective VA borrowers, it's pretty much the same (good) news: Experiencing a bankruptcy doesn't mean you're automatically out of the running for another VA-backed mortgage down the road. Although the VA loan process will be a little more difficult, Veterans United’s Light…

  • Getting a VA Loan After a Foreclosure

    Getting a VA Loan After a Foreclosure

    Foreclosure is understandably a bitter pill to swallow for a lot of military homeowners. But it's important to remember that defaulting on a home loan, even a VA-backed one, doesn't mean another VA loan is forever out of reach. The reality is it's possible to get another VA loan after experiencing a foreclosure, a short sale or a deed-in-lieu of foreclosure. You'll typically need to wait two years in order to purs…

  • 5 Most Effective Habits of Homebuyers With Sky-High Credit Scores

    5 Most Effective Habits of Homebuyers With Sky-High Credit Scores

    Consumers don't build great credit scores overnight. It's something that takes time, smart financial decisions and maybe even a little luck. Perhaps surprisingly, it turns out a lot of Americans have managed to make the effort. As a whole, we've actually got pretty decent credit scores. Nearly a third of all consumers have a FICO score from 749-799, according to the credit scoring firm, which uses a scale from…

  • Cooking Up Your Credit Score: Here's What's Not in the Recipe

    Cooking Up Your Credit Score: Here’s What’s Not in the Recipe

    When we're talking about VA home loans and credit scores, it's usually a conversation focused on what kind of scores lenders are looking for and what veterans can do to get theirs in great shape. Or maybe we're looking more into the factors that make up your credit score, from amounts owed and payment history to the types of credit you use. But here's something that often gets glossed over, if it's even covere…

  • CFPB Taking a Closer Look at Credit Reporting Errors

    CFPB Taking a Closer Look at Credit Reporting Errors

    The nation's new consumer watchdog is aiming to make it easier for prospective homebuyers to address and eliminate errors on their credit reports. In a report released this week, the Consumer Financial Protection Bureau noted that the country's three major credit reporting bureaus -- Equifax, Experian and TransUnion -- have room for improvement when it comes to healping consumers clear up errors on their credi…

  • New Credit Scoring System May Make it Easier to Qualify for Mortgages

    New Credit Scoring System May Make it Easier to Qualify for Mortgages

    Military homebuyers may soon have an easier time meeting lender credit requirements thanks to a new credit scoring model that incorporates things like rent history, tax lien information and the use of short-term lending products such as payday loans. The new model is a joint effort from FICO, whose credit score dominates the mortgage lending industry, and CoreLogic, a consumer data firm that collects informati…

  • Shopping For Home Loan Rates and Terms Won't Kill Your Credit

    Shopping For Home Loan Rates and Terms Won’t Kill Your Credit

    Prospective homebuyers often get a crash course in credit scores, which reflect your willingness and ability to repay debt. One of the earliest lessons is that applying for multiple forms of credit can actually harm your score. That's one of the reasons credit experts warn consumers against trying to open five new credit cards to improve their score. Whenever a company -- be it a financial institution, a bank …

  • What Happens When Your Spouse Has Bad Credit

    What Happens When Your Spouse Has Bad Credit

    This could really be just a five-word post: You don't get the loan. But let's provide a little more background and help before calling it a night. Most married couples pursue a VA home loan together, with each obliged on the mortgage note. There are a host of reasons why, but one of the simplest is that a husband or wife may not have enough income to purchase the home of their dreams on his or her own. Adding…

  • VA Loan Qualifications

    VA Loan Qualifications

    We've had a few questions and opportunities for clarification at the VA Loans Insider page on Facebook recently regarding VA home loan eligibility and the nature of the VA loan guaranty. It's a good idea to step back and offer a snapshot of VA loan qualifications and reiterate a mantra we've stressed several times: Being eligible for a VA loan does not guarantee you will get one. Explaining the Guaranty Fir…