Explore the Mortgage101 Library
Check Local Mortgage Rates
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
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.
- Second Mortgages: Advantages and Disadvantages
- How to Get Approved for an FHA Loan despite Bad Credit
- FHA Loans for a First-Time Home Buyer
- Should You Refinance? Make Sure the Timing is Right
- What To Do When Mortgages Default
- 3 Warning Signs of Loan Modification Scams
- 3 Reasons Banks Reject Short Sales
- Appraisal Basics
- FHA Eligibility with Bankruptcy and Foreclosure