I want to buy a home using my VA Loan, does my credit have to be very good if I use my va loan?

Answer 1

http://www.homeloans.va.gov/faqpreln.htm

http://www.ginniemae.gov/1_learn/h_i_c.asp?Section=YPTH


Going to the above really will help answer many ?'s you have on the VA loans. A lender will run your file thur DU (Desktop Underwriting system) and get the findings. If you middle credit score is 500 and higher (have seen it happen) where the loan does get approved. There are alot of factors to consider. If you have assets, savings, 401k etc, this will help build a stronger file. You may need to do a Letter of Explaniation to explain any adverse credit. Normally they like to see 12 month of clean credit (timely payments made on time).

Talk to a knowledgeable Loan Officer / Broker / Lender who can do a VA Loan in your state. If you have access to a Veterans Officer at your local court house, go talk to him/her. Look in your local phone book under United State Government and look for Veterans Affairs.

One other way to buy a home:

The VA saves many people money on their home each year by selling properties that have been foreclosed. Anyone can buy a VA foreclosed home, even if you are not a veteran. There are homes in every state available from the VA and the list of homes for sale is constantly changing.

The VA uses a property management company to sell all of their foreclosed homes for them. The company is named Ocwen Loan Servicing LLC, and they handle of the VA homes for sale. If you are interested in purchasing a VA foreclosed property, the property management company is the place to start. At their website you will find:

Information on VA foreclosed properties for sale.
A list of each VA home currently for sale. You just click on the state you are looking in and then click on the city of your choice. Then you will get a list of properties including their location, number of bedrooms, number of bathrooms, price, and square footage. To find a VA foreclosed property, go to this page and click on the map. Information on financing to buy as VA foreclosed property.

After you have gone to the Ocwen Loan Servicing LLC website and have found a home you are interested in, you should contact a real estate professional to see the property. The VA foreclosed properties are all listed in the real estate MLS or Multi Listing System, where any agent can access their information and show you the home. Remember that if you decide to purchase the property, the real estate agent that shows you the home will then become the agent that represents you in the buying process. They can answer any questions you may have and help you though the process of buying your VA foreclosed property.

Veterans who are interested in buying a VA foreclosed property can also use the VA Home Loan Program to purchase the home. If you are a veteran and have found a VA foreclosed home you want to buy, contact a VA approved lender to begin the process of applying for a VA home loan. All non-veterans who are interested in purchasing a VA foreclosed home can look at loan information page for financing options, applications, information on fees associated with purchasing a VA home, and all the information you need on the purchasing process.

http://www.ocwen.com

Thank YOU for serving in the service, and for making the USA a safer place to live for us all. Good luck and God bless you.

Answer 2

Actually I know a man who has been approved for a VA loan and he has poor credit because of illness. He even filed bankruptcy a couple of years back. He was able to get pre-approved for a home loan through VA.

Answer 3

not terribly but I personally wouldnt recommend it, you cant get a fixer upper at all...

Answer 4

Hope this helps!