2006-08-09 01:46:40 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Actually, because it is guaranteed by the government, you can have perfectly putrid credit and still get it, nor does it generally make any difference to the rate. Some VA loan firms do not even run credit.
On the other hand, you don't want to default on a VA loan. And you do need that form DD214 that says you're a veteran.
2006-08-09 03:05:31 · answer #1 · answered by Searchlight Crusade 5 · 1⤊ 0⤋
VA loans are not credit based but rather payment history based. Its a government loan so all you need is your DD214 paperwork and your certificate to get qualified. VA loans have no prepayment penalty and do not require mortgage insurance as the government guarantees the loan to the lender.
2006-08-10 05:22:12 · answer #2 · answered by Dan 3 · 0⤊ 0⤋
Good credit, yes, Perfect credit, no.
A VA loan doesn't require a down payment. And you must have your VA eligibility confirmed, usually in writing, from the Dept of VA. Being a veteran isn't good enough - you'll need verification.
2006-08-09 09:25:18 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If you own yor own home you can refinance and pull cash out to pay off your credit card bill and raise your credit score dramatically. I work for United Lenders Group and I work with over 45 different banking companies so I could get you a mortgage loan no matter how bad your credit is or how much in debt you may be
916-606-1090
keyon
2006-08-09 12:04:26 · answer #4 · answered by Keyon F 2 · 0⤊ 0⤋
no you dont need perfect credit but if you dont have perfect credit the intrest rate is much higher and if you are even a day late in a payment it will go even higher so be carful,think about the ramifacations and do you really need this loan my gramma always said if you cant pay for something with cash you dont really need it at all
2006-08-09 08:54:46 · answer #5 · answered by angelina_mcardle 5 · 0⤊ 0⤋
No you don't. A mortgage broker can give you valuable advice on this matter.
2006-08-09 09:05:07 · answer #6 · answered by roy_s_jones 6 · 0⤊ 0⤋
my dad just did it and they said your score has to be 620 or better
2006-08-09 12:41:31 · answer #7 · answered by mschaka77 2 · 0⤊ 0⤋
NO, just be a vet
2006-08-09 08:51:27 · answer #8 · answered by Michael S 3 · 0⤊ 0⤋