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Getting a VA Home Loan with Bad Credit

Posted by Mark Taylor | Posted in VA Loans | Posted on 23-11-2011

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Getting a VA Home Loan with Bad Credit

 

Government funded home loan programs that offer to accommodate borrowers with a bad credit history are very few. This is where a VA housing loan shines the most. Funded by The Veteran’s Administration (a government body), VA housing loans are provided to military veterans and personnel thereby making it easier for them to afford homes especially after the ravages of war have prevented them from providing for their families.  However, the best part about acquiring a VA housing loan is that it allows veterans to do so even if they happen to have bad credit history.

There is nothing nobler than serving in the military in a bid to defend your country against threats. However, a military history can also contribute to a bad credit record. For instance, there are servicemen and women that have been subjected to psychological or physical damage due to some trauma at the battlefield.

Settling down in your home after war is just what these men and women need. This is why the VA helps former members of the military re-establish themselves in society by providing them the funds to start life anew with new homes.

If you happen to be a veteran or know someone who is, make sure that you are open about your bad credit history when you contact the pertinent institutions for a VA home loan. Be advised that the VA will take your bad credit history into account before they decide to indulge you. You must understand that they will also have to play by the same rules as other mortgage lending services.  However, they will always give a sympathetic ear to your troubles and will look favorably on your application.

In other words, of you are willing to convince them of the fact that you are trying hard to sort out your funds and repair you credit rating they will help you. All it takes is some commitment on your part. The VA will not give you a loan if it determines that a VA loan will only make your debt history worse. Just because they are there to cater to former military personnel does not mean that they will give you free reign on your mortgage loan.

The Arizona Department of Veteran Services is one of the most competent VA services in the country. For further information on obtaining a VA Home Loan – feel free to call the Mark Taylor Team at 602-361-0707.  Thanks for reading my article:  Getting a VA Home Loan with Bad Credit.

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