VA Mortgage for Bad Credit

Getting qualified for a VA mortgage is still possible for borrowers with damaged credit.  Of course compensating factors are important to VA lenders who are considering your loan approval.  To qualify for a bad credit VA mortgage you must be able to demonstrate your ability to repay the proposed loan to the Dept. of Veterans Affairs. 

If you are unable to qualify to refinance your VA mortgage because of bad credit or late mortgage payments consider a loan modification.  Because VA loan defaults are low VA lenders are more likely to approve you for a loan workout through the Home Affordable Modification programs (HAMP).  According to the recent reports, VA loan servicers are now encouraged to modify VA home loans with the same guidelines.  The VA loan modification is similar to a refinance in that it lowers the interest rate on your VA mortgage.

MBA released a report recently regarding the National Delinquency Survey that indicated the delinquency rate for bad credit VA mortgages in the first quarter of 2010 was 5.29 %.  The prime loan delinquency rate was 7.08 % so that gives you an idea how well the VA mortgage loans are performing sided by side with traditional good credit loans.

VA Mortgage Lenders Have Access to the Best Home Loans in America!

• VA Mortgages for Less than Perfect Credit
• Bad Credit VA Loans
• Save Your Home with a VA Loan Modification
• Low Credit Scores ok with VA Refinancing
• Bad Credit allowed with VA Mortgages
• Fixed VA Mortgage Rates Below 5%
• 100% Refinancing with VA Home Mortgages