How Do You Classify?
In our opinion, if you served this country you need to be rewarded! VA loans give a great sense of reward to the Veteran community by offering looser guidelines that need to be met when refinancing or purchasing a home. We’ve come up with a chart where you may easily determine your credit worthiness and/or probability to complete a VA loan.
See how this applies to you:
|Foreclosure||2 years re-established credit|
|Short Sale||2 years re-established credit|
|Ch. 13||12+ on time payments to court, UW discretion|
|Ch. 7||2 years, 1 year+ re-established credit w/ on time payments|
|Credit Score||No score requirement|
|Late Payments||0X30 late payments, 0 collections past 12 months|
|Collections||Open medical is derogatory on manual UW, other must be paid off at UW discretion|
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