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Payment history is an important factor in getting approved for a VA loan. Your rental and mortgage payment history signify your ability to pay your housing payment and will better qualify you for a VA loan. If you lack credit history, provide explanations for any of the following:
Bankruptcy does not immediately disqualify a veteran who is applying for a V A loan. Here at LowVARates we strongly suggest speaking diretly with one of our approved VA lenders regardless of what you have been told regarding bankruptcy in the past. If you have had a bankruptcy discharged over 2 years previous to applying for a VA loan it may not be considered by some lenders. If the bankruptcy discharge was within 1-2 years of applying for a VA loan there are a couple things that are taken into consideration that may still help qualify a veteran:
Foreclosure is still another issue that will be a deciding factor in qualifying a veteran for a VA loan. The same rules apply as did with bankruptcy, but if the foreclosure is on a VA loan that may change the amount of entitlement available to be used.
When applying for a VA loan, work in advance to reconcile issues on your credit report by paying collection accounts in full or setting up payment plans with judgments against you.
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