Did you know that the Veterans Administration loan program has been designed to enable active duty personnel and veterans to purchase their home or even refinance them without having to worry about the demanding loan terms that are dictated by most lenders? In fact, there is even hope for those with a low credit score since now there are a lot of VA lenders in the market.
And while that may be hard to believe at first, a little internet search will show you results of VA lenders for low credit scores. But of course, in order for you to be able to qualify for a VA loan, there are a few conditions that have to be met. Check them out below.
· A stable income is a must for you to be approved by VA lenders
· Before you can be deemed eligible for a VA loan, it is important to ensure that you do not have any outstanding collections
· No outstanding judgments
· A minimum credit score of 620 or higher (although there are companies like Clear Lending that offer VA loans starting with a 530 credit score) is required for you to be deemed eligible for a VA loan by VA lenders.
Therefore, VA lenders for low credit scores are there and it is something that is entirely possible and can be considered by veterans and their spouse as an option when searching for finance for their homes.
Joan Gallardo with his 18+ years of experience as Senior Loan Officer is a wealth of knowledge dealing with FHA loans for bad credit in Texas. Read his articles to know about Government loan programs in Texas. You will get tips for the FHA lenders for bad credit in Houston.