VA loan question..... - Posted by IB (NJ)

Posted by JT - IN on July 04, 2001 at 14:43:05:

that the individul has completed the required military service to be eligible for a VA loan. Usually 180 days or more of active duty, in a manner other than for training purposes only, which excludes Reserve and Nat’l Guard. This has nothing to do with qualifying financially.


VA loan question… - Posted by IB (NJ)

Posted by IB (NJ) on July 04, 2001 at 13:38:30:

If someone has a “Certificate of Eligibility” from the Veterans Administration, does this mean that they qualify for a VA loan despite the fact that they may have bad credit?

Re: VA loan question… - Posted by Kiersten

Posted by Kiersten on July 04, 2001 at 16:16:46:

VA is certainly leniant when it comes to past issues, but you still have to qualify based on your income (41% ratio) and have to have good credit–especially within the last 1 to 2 years. Any judgments and collections would have to be paid and any past derogatory credit would need to make sense. No lates in the last year unless you have some SERIOUS documentation that justifies why it’s a one time thing. Your child is terminally ill and you didn’t work for two months while he underwent treatment, for instance, will work but “I got behind” will not. C of E just says you can use the program but you still have to fit into the underwriting criteria.