A borrower who has made timely payments for the last months serves as a guide and demonstrates their willingness to repay a VA home loan   VA Loan Facts Get Started With Your VA Loan VA LOAN CREDIT ISSUES VA will analyze a borrower's past credit performance in determining the loan for approval A borrower who has made timely payments for the last months serves as a guide and demonstrates their willingness to repay future credit obligations On the opposite side a borrower who reflects continuous slow payments judgments and delinquent accounts is not a good candidate for loan approval Below is a list of items concerning the borrower's credit LATE MORTGAGE PAYMENTS In circumstances not involving bankruptcy satisfactory credit is generally considered to be reestablished after the veteran or veteran and spouse have made satisfactory payments for months after the date of the last derogatory credit item When the underwriter analyzes the borrowers credit; it is the overall pattern of credit behavior that must be reviewed rather than isolated cases of slow payments A period of financial difficulty does not disqualify the borrower if a good payment pattern has been maintained since then Account balances reduced to judgment by

The more you know about getting a VA loan the more you will realize how little red tape there really is in using this mortgage to buy or refinance a home   VA Loan Facts Get Started With Your VA Loan VA MORTGAGE CHECKLIST Before you start the loan process you'll need to have some information at hand for all loan applicants Social Security numbers Residence addresses for the past two years Names and addresses of your employers over past two years Your current gross monthly salary Names addresses account numbers and balances on all checking and savings accounts Names addresses account numbers balances and monthly payments on all open loans Addresses and loan information of other real estate owned Estimated value of furniture and personal property and W 's for the past two years and current check stubs For self employed individuals you will need to provide personal tax returns for the past two years current income statement and balance sheet for the business In addition you will need to pay for a credit report and appraisal of the property Get Started With Your VA Loan FREQUENTLY ASKED QUESTION #     Q What VA Loans Are Used For Am

McDonald Law Offices PLLC L A W Y E R S   On this page          Credit and Bankruptcy How long may bankruptcy information be included in my credit report after bankruptcy? Both the Bankruptcy Code and the Fair Credit Reporting Act are Federal law so the same rules apply to all states A consumer credit report may include information on a Chapter and Chapter bankruptcy for years from the commencement of the case We have been advised that at least one major consumer credit reporting agency removes information about Chapter after only years although it is not legally required to do so Most other credit information may be reported for years except for civil suits civil judgments and arrest records can be reported for at least seven years but may be reported longer if the governing statute of limitations is longer For example in Arizona a court judgment is effective for years However it may be renewed at the end of that time for another year period and again after that period As a result a renewed civil judgment could be reported for as long as it is effective The restriction on reporting any credit information do not

VA Bankruptcy Bankruptcy and VA Loans You must be an eligible veteran to ; eligibility is determined by credit history and other factors If you are a veteran who has a history of bankruptcy please note If the bankruptcy was resolved more than years ago it may be disregarded entirely The veteran is considered a satisfactory credit risk and the loan would be processed like any other VA loan If the bankruptcy was discharged to years ago the veteran may be considered a satisfactory credit risk and it is likely that the veteran will be able to obtain a VA loan If the bankruptcy occurred less than years ago it is likely that the veteran will not be considered a satisfactory credit risk and therefore will not qualify for a VA loan If the veteran has declared bankruptcy within the last years they still may obtain a VA Loan if The veteran or their mortgage company for information specific to their particular situation Loan Application Start Your VA Loan with us today It is a common misconception that VA loans can be obtained through the Department of Veterans affairs The VA does not offer loans; they simply guarantee VA

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