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VA Loans Can Help Some Borrowers with Bad Credit

04/30/2010
A VA Loan is a mortgage provided by the U.S. Department of Veteran Affairs and it is available to borrowers with less than perfect credit. American Veterans or their surviving spouses may apply for a VA Home Loan. The program provides a benefit to former military personnel by allowing them to buy a home without a down payment. The top 8 features of the VA mortgage loans are:

8 Veterans with bad credit may apply

7. Veterans may purchase a home with no requirement for a down payment

6. After completing active duty or receive a medical discharge, veterans become eligible for the loan.

5. Examples of service personnel that can apply for the loan are National Guard, Reservist, and Desert Storm

4. Disabled veterans are also encouraged to apply for the VA loan. Different grant programs have been made available to disabled American soldiers. When applying for the VA loan it is important to compare mortgage rates as well as inform the lender of your disabled status to take advantage of the grants.

3. Other groups of veterans may also apply for the VA loan.

2. US citizens that served the military in alliance with the US government

1. Spouse of any American soldier that has been reported missing for more than 90 days or has been deemed a prisoner of war.
By utilizing a VA home loan, veterans can purchase homes that are located in either the United States or any of its territories.

For years VA loans have been a wonderful benefit for former soldiers looking to acquire their first home. If you are looking for a VA home loan with bad credit, you should contact a local lender who specializes in VA loans and learn more about this wonderful program

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