Nov
4
sunkissed299 asked:
my husband has been in the marines for 8 yrs.he gets out next year.we want to buy a house.does anyone know if they do credit checks for va home loans?
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my husband has been in the marines for 8 yrs.he gets out next year.we want to buy a house.does anyone know if they do credit checks for va home loans?
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4 Responses to “does anyone know if they do credit checks for va loans?”
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Yes, but usually in you favor. Just do the right things as much as possible, and link up with usaa.com - excellent way to go.
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Yes, they do. Banks still make the loans, the VA guarantees them.
The website that you want is -
Probably the best features of a VA loan are (or can be) 100% financing and no PMI (mortgage insurance) required.
Please thank your husband for his service, and thank you for being a Marine wife. The country really does owe you more than we can ever pay.
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This is not my field of expertise….but I seem to recall that they do NOT use your credit history to determine if you qualify for a loan, but they DO use it in determining the interest rate.
Hopefully one of the excellent mortgage brokers here can verify this.
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The veteran does have to qualify income and credit wise for a VA loan. So the answer to your question is yes, however VA does not approve the majority of loans. The majority of transactions are handled directly by the lender with little VA intervention. The Veterans Administration does not normally act as a lending agent. Instead, the VA is in the business of guaranteeing the loans of veteran. In most cases, the VA offers a guaranty to those who meet the requirements, the first of which include a good credit rating. If you are considering any kind of home loan, it’s best to consult a credit counselor and a financial planner to find out what credit rating you already have and what you can do to improve your credit rating before applying for the guaranty. It’s important to know that a VA home loan guaranty is available only if the veteran has the income to handle house payments. A VA loan guaranty is not an automatic benefit.