If you are wondering about getting a VA loan with bad credit, you’re not alone. It is a common question asked by our veterans and active-duty service members. This article explores how securing a VA loan with bad credit is not only possible but also more accessible than you might think, thanks to the unique benefits and allowances of the VA loan guarantee program.
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“Getting a VA Loan with Bad Credit | It is Not Just About Your Credit Score”
When you ask “how many VA loans can you have?”, you are actually asking two questions. The VA loan program has a lot of moving parts, and most of them are aimed at helping eligible veterans, military personnel and active-duty service members find and buy a home. If every home buying situation were the same, the VA loan system could build a one-size-fits-all program that delivers the same guarantees to every military professional. But since we are talking about real estate, mortgages, loans, contracts and all the stuff that goes along with the world of real estate, it gets a little more complicated.
Read More “How Many VA Loans Can You Have? | Second Tier Entitlement | Multiple Loan Options”
The minimum VA loan credit score doesn’t exist. That doesn’t mean they don’t matter, but the fact is that the VA loan system doesn’t have any minimum requirements around a borrower’s credit score. You may be getting mixed messages about that, because a lot of search results talk about minimum credit scores when, technically, there aren’t any. Here’s the real scoop.
Read More “VA Loan Credit Score | Are there Credit Score Requirements?”
VA loan benefits can dramatically improve your home search and your ability to afford a new home. If you are a veteran or an active duty service member in the armed forces or uniformed services, you could be eligible for VA loan guarantees. With a VA loan guarantee in hand, you can save thousands or tens of thousands of dollars over the life of your mortgage. The numbers don’t lie: VA loans have helped more than 25 million veterans and eligible service members since it began in 1944. It helped 1.2 million military service members in 2020 alone.
Read More “VA Loan Benefits | The Complete List | Plus Homes for Heroes Savings”
If your first questions about VA loans are “What are the VA loan requirements” and “Am I eligible?”, then you’ve come to the right place. We will also give a quick VA loans 101 to explain what they really are and how to get a VA loan. As with many federal government benefits, determining eligibility is half the battle. Fortunately with VA loans, it’s not too complicated. Better yet, Homes for Heroes can help you find out how to qualify for a VA loan.
Read More “VA Loan Requirements and Eligibility | How to Get a VA Loan”
Private mortgage insurance (PMI) protects a lender from the risk associated with a borrower, if the borrower goes into default or foreclosure. Basically if you need to borrow money from a lender to purchase a home, but cannot afford to pay at least 20 percent down payment on the borrowed amount, the lender will likely require you buy PMI insurance from a PMI company before signing off on the loan. In this post, we look specifically at how to avoid PMI insurance and how to stop paying PMI insurance if you are now.
Read More “How to Avoid PMI Insurance AND How to Stop Paying PMI if You are Now”
The VA Certificate of Eligibility is the one of the first things you will encounter when you start investigating the VA loan process. The good news is, while you do need this important document to complete your application, it is not difficult. It’s just a one page form, it’s online, and you don’t need to get that done before you do anything else.
Read More “VA Certificate of Eligibility (COE) | What it is and How to Get One”
The VA IRRRL isn’t just another weird acronym created by the Veterans Administration that’s designed to confuse you. It’s actually a very useful loan program that is sort of an offshoot of the very popular VA Home Loan Program. VA Loans have helped more than 25 million veterans and active duty armed forces personnel since it began, and it helped 1.2 million heroes in 2020 alone.
Military home loans are essentially programs designed to help military personnel find and afford new homes. They can help you at many stages of the home ownership journey, and all of them are designed to say “thank you” to active military professionals, veterans and their families. Parades and national holidays are great, but helping you find a great home within your budget is an acknowledgement of your sacrifices that can make a significant difference in your life.
Read More “Military Home Loans | VA Home Loan and Other Military Mortgage Options”
Among the mortgage loan programs for first responders, there are two existing initiatives (and one proposed change) to know about and watch. If you are a first responder – police and law enforcement, EMS professional or firefighter – looking to buy a home, these discounted home loan programs for first responders are designed for you. Knowing how they work is a good step in the right direction of finding a home.
Read More “Mortgage Loan Programs for First Responders | Ways to Save”
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