Loan No Job ? Blog Archive ? Getting Your VA Loan With Bad Credit ...

Getting Your VA Loan With Bad Credit ? What You Will Face

The truth is, there are many stringent rules that have been established by the VA that will make buying the home you need a bit harder when going through the VA.

The VA has much more lenient guidelines when it comes to underwriting loans for veterans than other government agencies, such as the Farmers Home Administration, for instance. What follows is a breakdown of different circumstances that the VA may look at when you apply for a VA home loan with bad credit.

Chapter 7 bankruptcy (where all debts are discharged) filers must wait two years after the discharge of their bankruptcy before becoming eligible for VA financing. If your bankruptcy was brought on due to circumstances that were beyond your control that are provable, such as medical conditions that kept you from working, or job loss that was not initiated by you, you can qualify after one year.

If you have been through a foreclosure, the Chapter 7 guidelines apply to you as well, regardless of whether you have filed bankruptcy or not. Chapter 13 bankruptcy (where you repay some of your debts on a repayment plan) filers can apply immediately for VA financing for their home purchase, but will need to show proof of one year of good payments towards reconciling their outstanding debt with creditors named in the bankruptcy.

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One way to speed up the recovery of your credit following bankruptcy is to mail a copy of the bankruptcy discharge documentation to all three major credit reporting bureaus. Oftentimes the credit bureaus will not have an accurate reflection of your bankruptcy on record, thus providing them with a copy can expedite the process, which is essential to recovering your good name.

You should also work proactively to restore your credit by opening up at least two secured credit card accounts after bankruptcy. A secured credit card is one that is secured by a deposit that you make to the credit card issuer in the amount of credit that you wish to have extended to you. Two secured credit cards in the amounts of 0 each is an excellent way to start adding points to your credit score post bankruptcy, as these cards report to the bureaus either monthly or quarterly.

To effectively raise your credit score with a secured card, you should use no more than fifty percent of the available credit on the card (in this case 0) and pay off the balance each month, other than thirty percent (in this case 0). Always make timely payments and watch your points add up!

You can find great online issuers of secured credit cards. Many online credit card issuers offer you the secured credit card that you need at great interest rates that make rebuilding your credit less expensive.

Kate Ross has a Master in Finance and has been a university teacher as well as a financial consultant for years. She specializes in Unsecured Loans and also in helping people to get approved for Guaranteed Loans for Bad Credit, home loans, guaranteed loans, bad credit auto loans, guaranteed credit cards among many other financial products. For further information, please visit SpeedyBadCreditLoans.com

Source: http://www.loannojob.com/getting-your-va-loan-with-bad-credit-what-you-will-face/

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