Think you can't get low interest with bad credit? Think Again!
One very frequent question has to do with bad credit and VA loan qualifying. There’s good news! VA guidelines state no credit score minimum for qualifying for a VA loan.VA-approved lenders consider debt-to-income ratios, residual incomes and loan histories, as well as complete credit histories and FICO scores, to determine whether an applicant is a satisfactory credit risk.
Bad credit may require some repair before a VA loan can be approved. Sometimes this is a matter of paying off a few credit cards. Other times it can mean waiting the two years required for the black cloud of bankruptcy to blow over.
Applicants from VA borrowers with bad credit or bankruptcy histories are considered for VA-backed loans on a case-by-case basis.
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