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Complete Financing for Veterans with a VA Mortgage Loan

By J Chase

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Published: 08Feb2010
Word count: 472
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For most people trying to buy a home, this is a difficult time. Credit is difficult to get, home prices are fluctuating like crazy and people in general are suffering from any past mistakes they may have made with their credit. However, for veterans and the spouses of veterans, the Veterans Administration has made available a low interest mortgage option known as the VA mortgage loan. Once a veteran and his or her family finds the home they want and they find a VA mortgage lender they can work with, they can purchase a home for little or no money down!

VA loans are made on a regular basis with no down payment all, and frequently the offer much lower interest rates than typical or traditional mortgage loans. With the backing of the Federal Government, via the Veterans Administration, both veterans and their spouses are eligible for these types of mortgage loans.

How It Works After the veteran, or his or her spouse, finds the home they are interested in and applies for a loan with a qualified VA mortgage lender, the Veterans Administration will analyze the borrower's past credit performance. When/if it is determined that the borrower has a qualifying credit history, they will approve the loan. The VA looks at the payment history of the borrower and determines if they are a good candidate.

Here are some important pieces of information the VA will look at in examining your viability as a borrower:

Any payments on your mortgage - If you currently have a mortgage, both the VA and the lender will examine your payment history on this specific issue. If you have a spotty payment history, it could very well damage your ability to either get a VA mortgage lender to approve a you for a loan, or interfere with the VA backing the loan.

Credit History - This issue can go in any direction, because people have varying credit histories. If you have a decent credit history over the last two years or so, then you should be fine. Also, if you lack any established credit history, you should not eliminate yourself. If you have satisfactory payment history on such things as rent, utilities, phone bills, etc., then you will most likely be approved.

Bankruptcies - If you have declared Chapter 7 bankruptcy, then you will have to wait a minimum of two years before a borrower will approve you (according to VA loan guidelines). You will also have to provide a complete explanation of the bankruptcy. If you file for Chapter 13 bankruptcy, then the VA may still consider you as a viable borrower if the payments have been made satisfactorily.

As you can see, there is a lot to learn, but if you are a veteran you probably cannot get a better lending option than a VA home loan.

J Chase is a VA mortgage professional. He is affiliated with a national organization that has helped 1000s of homeowners get the best VA interest rate while financing their property. He has extensive knowledge of the internal & governmental mortgage programs available for homeowners. For information on finding the best VA mortgage lender visit www.weststarvaloans.com

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