Can recent late payments prevent veteran's from getting a VA home loan?

August 23, 2017

When shopping for a bad credit VA home loan, recent late payments can prevent your loan from being approved. Depending on your overall FICO score, the VA underwriter may not hold a recent 30 day late payment against you. Having 3 out of 5 VA underwriting compensating factors (Rental history, low debt to income ratio, reserves /assets) will help your chances for loan approval. Worse case, you will have to wait until the late payment has seasoned for 1 year.  



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If you are fit the qualifications above then the VA loan may indeed be your best option for a loan. There is, of course, a lot of other information you will need to make a truly educated decision as to which loan type is right for you.


Qualified mortgage professionals are standing by to help guide you through this often confusing and intimidating task.


Call us today at 407-479-6010 or click here to contact a VA Loan 500 loan expert right away.


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