2007-01-07 13:59:59 · 10 answers · asked by wife_82avn 2 in Business & Finance ➔ Renting & Real Estate
no, you don't but interest rate will be higher.
chin
2007-01-07 14:01:46 · answer #1 · answered by Anonymous · 1⤊ 1⤋
You do not need perfect credit, VA does like to see clean credit for the past 12 months. VA loans are not determined by credit score, but there are qualification criteria regarding income. This loan is for 100% financing, a great benefit for veterans and their families, and no mortgage insurance. Terms are as good as conventional rates. In my professional opinion, you want a VA loan unless you have a significant downpayment and/or very good credit. The loans are not made by VA, but the lenders who offer these loans are insured by VA that you will make the payments.
2007-01-08 01:21:04 · answer #2 · answered by jenay672001 3 · 0⤊ 0⤋
No, the VA has set up their home loan guaranty program to assist military personnel of all credit backgrounds. They allow for lower scores, and imperfect credit. It does not allow for large open collection accounts or open judgments. Slow pay or late pays are okay. Also, VA rates are generally the same as other rates. First you need to get your VA home loan certificate. Your lender can help you get that or your Veterans Affair office can. This certificate can take up to 4 months to receive by mail and would delay you buying a house, so I recommend you start there. Also go to www.va.gov for more information. That website can also get you started on getting your certificate and finding a good lender in your area. Good luck!
2007-01-07 16:18:25 · answer #3 · answered by amy23 3 · 0⤊ 1⤋
Do not Need perfect credit. You will get the loan, you credit score determines the rate. VA loans usually get better rates than conventional loans. In my experience.
2007-01-07 14:02:19 · answer #4 · answered by Anonymous · 1⤊ 1⤋
The other way around. If you are a veteran Uncle Sam gets the loan and passes it along to you. A veteran is considered more responsible than your average person. Lower credit score? No problem. By the way if you bounce a few checks in the military you have already paid (jail time).
VA loans require lower credit score, lower down-payment and if you do like I did (bond money) lower interest rate. If you are looking for a home do this, pre-qualify. Go to a bank, any bank. Tell them you want a loan. Tell them you would like to pre-qualify. Fill out the papers. See a reality agent tell them the dude at the bank says you are good for x amount of $.
If I sold homes now who would I pay more attention to ? Dude a with x amount of $? or dude b that well we just don't know?
2007-01-07 14:25:33 · answer #5 · answered by Anonymous · 1⤊ 3⤋
The VA is not as strict as the regular FHA or Conventional home loans. Good Luck
2007-01-07 14:58:29 · answer #6 · answered by CEESONE 4 · 0⤊ 1⤋
Its handy, We used it and performance a consistent 6% for the existence of the deepest loan. basically hit upon a lender on your concern. hit upon a house and note. The loan employer/lender will do the full filing of forms. basically have the dd214 and VA certificate at the same time as using.
2016-10-17 00:11:02 · answer #7 · answered by fenn 4 · 0⤊ 0⤋
The VA is not as strict as the regular FHA or Conventional home loans...but they do require that you have a Honorable Discharge.
2007-01-07 14:02:46 · answer #8 · answered by Betty Boop 5 · 1⤊ 1⤋
No. you credit can be horrible. However, you do need to qualify by income.
Also, don't be fooled, VA loans are very expensive.
2007-01-07 14:03:02 · answer #9 · answered by Anonymous · 1⤊ 1⤋
Not many people have perfect credit, so no.
2007-01-07 14:01:22 · answer #10 · answered by VirtualElvis 4 · 1⤊ 1⤋