VA Loan Bad Credit
VA Loan Bad Credit - If you are a veteran and have bad credit, you may still very well qualify for a mortgage.
Due to the disruptions and potential complications regarding finances of active service men and women, lenders treat VA loan bad credit differently than non vets. Here are some facts you should know if your an active duty serviceman or women or Veteran with bad credit but thinking about applying for a mortgage...
FICO score is not a factor in qualifying for a VA loan. There is no minimum score to worry about when applying for a VA loan.
Credit history for the past 12 months is only considered. Unlike a conventional loan, VA loans only are concerned with your 1 year bill paying history. This is a good indicator of your credit-worthiness and some lenders will allow 1 30 day late payment within the year.
Collections are ok bills in collection such as medical bills are permitted if they are explainable.
