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TEXAS
VA MORTGAGE – CREDIT QUALIFICATIONS (Back
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VA financing is generally easier to
qualify for than conventional financing. The applicant should have a credit
history that clearly documents willingness to meet obligations. There should be
two years of stable employment history with sufficient income for current
obligations and the new home purchase. Here are some guidelines for credit:
- Reasonably good credit is required,
especially in the most recent 2 years.
- If you have NO credit file it may
be possible to use references from rent, utility payments, insurance
payments, or other accounts.
- You should have 2 years of stable
employment history.
- Chapter 7 bankruptcy is usually not
allowed in the last 2 years.
- Chapter 13 bankruptcy may be
allowed if 12 months of payments are made with court approval.
- Foreclosures are normally not
allowed in the last 3 years.
- Judgments must be paid before your
loan closes.
- Collection accounts may not need to
be paid prior to loan approval.
- Your total debt load, including the
home purchase, should not exceed 41% of your income. We can calculate your
maximum loan size for you.
- Recently credit scores have become
a factor for VA loans. In most cases you will need a credit score above 600,
and preferably above 620.
Other rules and conditions may apply. We
suggest getting a free pre-qualification from one of our loan officers.
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Mortgage Home Page
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