What It Takes To Qualify For VA Loan

Debbie Warford
Debbie Warford
Published on November 18, 2019
Mortgage Broker Advisor
Brett Sampson
 14673 Midway Road, Suite 216 Addison, Tx 75001
 Phone: 214-937-4455

Good Morning! Article Written By one of Our Favorite Loan Officers Brett Sampson @ Berkshire Lending

What It Takes To Qualify For VA:

You should be a veteran. You will need a Certificate of Eligibility from the VA. We can assist you in getting this.

Credit: The VA has no minimum credit score listed in their guidelines. However, the banks and lenders that write the VA loans have their own guidelines for acceptable credit scores.

Generally, these banks have a 620 minimum credit score cut off. …However, we have NO minimum score on VA loans!

Chapter 7 Bankruptcy: The discharge must be at least 24 months old. The borrower needs to have reestablished good credit with at least 3 trade lines containing 12 months of clean payment history. No late payments after bankruptcy are allowed.

Chapter 13 Bankruptcy: If the borrower has made 12 months of payments to the trustee with no late payments, and Trustee gives his permission for the new credit, the lender may give an approval.

Foreclosure: A borrower whose previous residence or other real property was foreclosed on or given a deed-in-lieu of foreclosure within the previous two years since the disposition date is generally not eligible for a VA insured mortgage. If the foreclosure was on a VA loan, the applicant may not have full entitlement available for the new loan.

Clear CAIVRS: The government doesn’t like it when you have defaulted on a government-insured loan. They have a database called CAIVRS that they check to see if you have ever defaulted on any government-insured loans. These can be student loans or other mortgages. Thanks for Reading!

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