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 |
