How to Get Approved for a VA Loan despite Bad Credit

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If you are a military member who wants to get a VA loan with bad credit, there are several things you need to know about how the loan process works. The main thing to be aware of is that VA loans are not given by the government. They are given by banks or other mortgage lending institutions.

Getting a VA Loan after Bankruptcy

If you have filed for bankruptcy, the VA requires you to be at least two years out of a Chapter 7 bankruptcy and at least one year out of a Chapter 13 bankruptcy. You must also not have had any late payments in the last twelve months.

Credit Repair

Once you have been discharged from bankruptcy, make sure to send a copy of the discharge documents to the credit reporting agencies that list your credit score.

You can also boost your credit score by getting a credit card. This can be a card from a small department store, a gas card or even a bank credit card for which you use your savings account to guarantee the credit limit. Be sure to make the payments on time as you wait for your VA bankruptcy limitation to expire.