florida

BAD CREDIT FLORIDA VA MORTGAGE LENDERS

There are bad credit Florida VA mortgage lenders Contrary to popular belief.  VA loans are available to Florida mortgage applicants with bad credit are actually easy to qualify for if

  1. You Have No outstanding judgements,
  2. NO 30 Days + late payments in the last 12-24 months
  3. Stable predictable income
  4. A median credit score of 550 or higher.
  5. $0 down VA mortgage loan limit up to $417,000.

This is because bad credit VA loans were designed to be a benefit to the borrower.

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VA Mortgage After Foreclosure- Must wait a full 2 years after the title/deed was transferred out of your name. Check county reports and print out a copy of the title. VA mortgage lenders will need to document the foreclosure along with an acceptable letter of explanation of why this occurrence will not happen again in the future.

VA Mortgage with 30 Day Late Payments- will not result in an automatic denial. If you have a special circumstance, this rule can be forgiven. If you have any open collection accounts you may still be considered eligible, as long as there is a timely payment plan in place. If you are participating in a Consumer Credit Counseling program or are in a Chapter 13 bankruptcy, in lieu of negative credit ratings, this actually can be a positive factor. The important thing is that you are currently on a regular, consistent payment schedule, and those payments are being made on time.

VA Mortgage After Chapter 7 bankruptcy- if it has been over two years since the bankruptcy was discharged or forgiven, the bankruptcy will not play a factor in determining satisfactory credit.

VA Mortgage After Chapter 13 Bankruptcy- does not have to be discharged, and you may still qualify even in Chapter 13 bankruptcy, as long as you repaying your debt as agreed.

Can I still get a Florida VA Mortgage Loan with bad credit?

The VA does not have a minimum credit score requirement. It simply requires that Florida bad credit VA applicants represent a satisfactory credit risk. But ultimately bad credit Florida VA lenders issue the loans, and in the current economic climate these Florida VA mortgage lenders are looking for solid credit scores. It's up to them to determine whether or not your credit score meets the bad credit requirements they set. If you find that your credit score falls short, there is still hope. There are a number of ways you can raise your credit score to meet a lender's benchmark and receive the loan you deserve.

The Bad Credit VA Mortgage Loan Program was created in 1944 as a thank you for service personnel returning from World War II. The Florida VA mortgage guarantee is designed to make buying a home easy, affordable, and safe.

The “easy” part of the design is to make the bad credit VA mortgage accessible to Florida mortgage applicants with less than perfect credit.

One of the main purposes of the bad credit VA mortgage program was to cut the common hassles of obtaining a Florida mortgage such as good credit, down-payment, closing costs, etc.

Many Florida VA mortgage applicants who have spent time overseas lack positive credit. Others lacked the funds for a down-payment. To change this, the government found that one of the best way to assist veterans after their completed service was to help them get a farm or a home.

VA mortgage loans few changes have occurred over the years, including an increase in the amount veterans may borrow and the ability for active duty to apply to get a bad credit VA mortgage loan.

The maximum $0 down loan limit up to $417,000.

The bad credit VA mortgage Program gives lenders the assurance that the loan will be paid for and gives veterans the support needed to obtain a house.

The credit needed to obtain bad credit VA mortgage is determined by a few key factors. The most important of those are satisfactory payment history, and present and/or anticipated income. This means that your income needs to be stable and enough to cover all current bills, give you enough disposable income to meet the bad credit VA mortgage standards for cost of living plus the additional VA loan mortgage payment.

Stable income is equivalent to 24 months of consistent employment. If the time of employment is less than this, the underwriter will have to evaluate the probability of your future employment. In most areas, the FICO Credit Score must be a least 550.

However, there are bad credit VA mortgage for some borrowers who have no credit score or even a score less than 550. If you are without credit, qualification is determined based on past payment history of rent, car insurance and other regular monthly expenses.

To be deemed a borrower with satisfactory credit a number of factors will be analyzed. Over the past year, you may not have made any late payments. If there are any unpaid or untimely debts, your credit may be deemed unsatisfactory.

Also, it will not count against you if you filed bankruptcy due to circumstances out of your control (such as a medical issue not covered by insurance).

Finally, to ensure acceptable credit, you can’t have too many inquiries on your credit report. In doing so, the credit rating drops dramatically. In addition to having bad credit , multiple credit inquires can look like new credit lines and this can affect your ability to repay the debt. 

BAD CREDIT MORTGAGE INFORMATION

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CREDIT REQUIREMENTS

FHA MORTGAGE

550 MIN FICO

PORTFOLIO MORTGAGE

NO MINIMUM

VA MORTGAGE

550 MIN FICO SCORE 

USDA LOANS

580 MIN FICO SCORE 

FANNIE MAE.

620 MIN FICO SCORE 

FREDDIE MAC

620 MIN FICO SCORE 

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Reviews on Zillow
1399173
"Thomas went above and beyond to get our mortgage approved. We had a couple of "hiccups" with our VA financing and Thomas was able to get them resolved ... more "
5.0/5.0
by lbaze2008
1375949
"I was hesitant to utilize someone from the internet to obtain my home loan. I even let my real estate agent talk me into going with someone local ... more "
5.0/5.0
by rmac333
1345066
"Thomas martin was a great help with our mortgage . it was a stressful time in our life , but Thomas remained calm through out the whole process which ... more "
5.0/5.0
by zuser20140303145114251