Bad credit home loans for military
The United States Government does all that it can to help its Veterans and active duty military. One program they offer is the VA Home Loan Program. Although, your credit is still considered, the VA loan allows us to approve you with much lower credit scores than conventional loans. Today, most VA lenders require scores above 620. Get your Credit Score from CreditReport.com - fast, free and easy!
Understanding the Eligibility for these loans:
The government guarantees these loans but the loan is actually made by a private lender. Basically, the government insure a portion of the loan so the private lender is more inclined to lend to someone with poor credit. Among some of the required eligibility criteria a few include :
- Having a fair credit score and history, however even people with bad credit can sometimes be approved at higher interest rates.
- Stable income and enough to meet the cost of the house. Cost of the house would include tax, monthly payments and insurance.
There is no down payment required and all the other terms of qualifying are the same as a Veteran with perfect credit. You may be surprised that you can qualify. The only way to be sure is to give us a call and ask.