RESEARCH & LEARN

VA Loan Application: Your Credit Report


Mortgage Newsletter

Check Local Mortgage Rates

Today's Average 4.80%

Calculators

FEATURED CALCULATOR

Loan Program Choices

Use our calculator to find out your estimated monthly payment in advance: Enter the loan amount, interest rate, and length of mortgage.
Try our Mortgage Payment Calculator


TERMINOLOGY

Now that you have filled out your VA loan application, you need to know the ins and outs of how your credit report affects your approval. The credit score itself is not used to determine whether you are eligible for the loan. However, the VA loan application processors do look at your credit activity of the last twelve months. If you have had decent credit history in the last year, regardless of what your score is, you can expect approval.

You Can’t Submit Your Own Credit Report With the VA Loan Application

To properly complete the VA loan application, the VA must use only credit reports directly obtained from the credit reporting agencies. They do not consider credit reports printed from the web or any other third-party source. The reason is that they need the most up-to-date, official copy of your credit history. Another reason is that the format of the report from the credit reporting agency allows the VA to easily check your history for the last twelve months.

Other Important Information About VA Loan Applications

If you are a first-time homebuyer and you don’t have much money to put as a down payment, a VA loan may be just the ticket. VA loans often have much lower rates than other loans. They also don’t come with the closing costs associated with private loans. This means you have a better chance of getting and paying back this kind of loan.