I was wondering if any of you guys have ever gotten a VA home loan. How does it affect your down payment, interest rate, and things like that. Also, I don't have great credit( not horrible just not great) but I figured with the gov guaranteeing my loan to the lender they might overlook that, am I way off on this? Thanks in advance.
I don't know much about VA loans, but this site seems to have all you might need to know. http://www.valoans.com/ As far as credit rating goes, I was in the process of rebuilding my credit when I got my first conventional home loan five years ago and had no problems at all getting approved. Most of what they look at depends on your ratios (housing expense ratio, debt ratios). If you have a decent steady income and are buying a home that is within your means you shouldn't have much problem. I was honestly surprised how easy it was considering I had been denied credit cards with fairly low limits ($5000) and had no problem at all getting a $115000 mortgage. Hope this helps.
