f you research a little bit on mortgages, you can see bad credit is unacceptable in the housing market. When a lender entertains you with the idea of having a bad credit mortgage, the process is incredibly difficult. At times, you might feel you cannot land the mortgage. In any case, if you prove to be an eligible VA borrower, things can take different turns. You will not have to worry about having bad credit scores. Unfortunately, only 6% of 21 million military service members have applied for the VA mortgage in the last 5 years.
There is a great chance to secure a mortgage with a VA loan if you know everything about the program. People who choose conventional loans over a VA loan may not know everything about the mortgage. If they knew about the VA home loan bad credit in Houston, they could expect a much easier loan application process. Along with relaxed guidelines, zero down payments can be another reason for choosing the mortgage.
The Veterans Affairs mortgage program is a brilliant option for any military service member with a poor credit score. Also, the loan serves the surviving spouses and veterans with a permanent disability. If you are willing to live in the same house for a year, the mortgage can be a huge help. So, let’s go through the important things about a VA home that nobody told you about.
You can Purchase or Refinance
The VA home loan benefits are quite helpful, and it is not only about purchasing a home. VA home loans are available for refinancing the current mortgage. If a homeowner chooses the Interest Rate Reduction Refinancing Loan, you can get a loan with a slashed rate. Eligible VA borrowers can unlock a VA streamline refinance, and they can expect a reduced refinance rate. In case, you are a veteran but cannot apply for a VA mortgage at present, you can get a VA cash-out loan. It is possible to get 100% of your home value through the VA-cash out amount.
VA Loan Benefit doesn’t Expire
If you have the VA eligibility at your disposal, you are sorted for life. If you have secured the VA loan 20 or 50 years ago, you can still use the benefit. Once you establish the eligibility, you can get through the mortgage program with ease. Remember, the eligibility solely depends on the period and time you actively worked. For checking on your eligibility, you should get the DD Form 214. This single document shows whether you hold the VA Certificate of Eligibility. In addition to it, this is certainly not a limit on how many times you can use the benefit.
After going through these important facts, do you think you are not ready for a home loan? If you have time, you can rebuild your credit scores. The VA lenders set the lowest credit benchmark as 550, so you should secure a better credit range. Keep working to get the best deal. So, good luck!
