Last Train to Clarksville

Do I Qualify For A VA Loan?

Many people wonder what it takes to qualify for a VA loan. With all of the bad media regarding mortgages, you would think that it is next to impossible to get a mortgage now.

Well, that is not true.

VA is one of the easiest loan to qualify for. You must have a minimum of a 580 credit score. If your score is between 580 and 619, you are going to get a slightly higher interest rate, but still better than most other loans. For example, if today’s interest rate is 5% and you have a credit score of 600, you would probably get about 5.5%. You can’t beat that! Also, VA does not require a down payment.

For a VA loan you must:

Have VA eligibility….

If you are on active duty, you must have serviced at least 90 days active duty. If you are no longer in the active service, you must have served a minimum of 2 years and have an honorable discharge. If you are National Guard or Reservist, you must have served 6 years to be eligible for a VA loan.

Have a minimum 580 credit score.

If your score is below a 580, there are ways that we can improve the score.
Have 2 years since the discharge of a bankruptcy with no additional derogatory credit following the bankruptcy.
Have all judgments satisfied.
Have an acceptable debt to income ratio.
VA also prefers no late payments in the last 12 months.
Any recent collections might be required to pay off.

It sounds like a lot of information, however, the process can be done just by making a 15 minute phone call. Call today to see if you qualify for a VA loan.

(931) 980-3999 and mention Last Train To Clarksville for a special!

Credit Repair

Have you had recent credit problems and have been turned down when trying to buy a home? There are a lot of “credit repair” companies out there that will charge you to give you advice on how to fix your credit. Often times, you spend a lot of money paying these “credit repair” people using money that you really need to be using actually fixing your credit. When you apply for a mortgage and get turned down, your loan officer should be able to give you good advice (free advice) on how to improve your credit. You should not have to pay anyone to help you fix your credit.

Helpful suggestions for credit repair:

• When paying off a collection, pay the full amount, do not try to settle for less than the full balance. Sometimes by settling the account, your credit scores will actually go down instead of up.

• Close any credit cards that you are not using. Even if you have a balance, close the account and then just continue to pay the account as required.

• If you are going to keep a credit card, keep a major credit card (master card or visa) not a store credit card.

• Try to avoid any account becoming over 30 days past due.

• Try to pay more than the minimum required on credit cards.

All of these things will help your credit to improve over time. For faster results you can send proof of payoff of accounts to the three major credit bureaus (Transunion, Exquifax, and Experian) and request that they update you credit file.

For any help or advice, please contact me and we will start you off on the right foot!

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   I am just wanting clarification on VA Loans- what does the credit score need to be? I have a 619 and one company says he must be a 620 and another says no. Which is it? Do you have documentation on it also

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