Are VA Loans on Bad Credit Possible?
Ok Joel, another question I get asked a lot
is how do I get a VA Loan with bad credit, so what are your thoughts? Again, the requirement for us, is a minimum credit score of 600. There's an order of thresholds you wanna look at; First off, no bankruptcy and foreclosure in the past two years and generally we want to see a 12 month history that's clean with no lates any more than 30 days late. The one caveat to know is that medical collections typically are not a big deal so we're looking at the clean 12 month history as a major marker. So it sort of depends on "how bad" so if you have below our minimum threshold you just simply can't get a loan and you need to work on improving your credit. So if you do have a client that doesn't meet those requirements what's some advice you typically give? Definitely give me a call. We gotta put together a credit plan. There are important things to look at in terms of prioritizing which debts to pay off, how much to pay them off, or maybe we need to be calling a company to get something fixed.
There are plenty of thing we can look at. Great..
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