VA Loans - Credit Reports and Scores
Please use the links below to find out more about credit reports and scores as they relate to VA Loans.
- Your website says that a VA loan is not credit score driven, what does that mean?
- Can you use the credit report I pulled for myself off the internet?
- Does running my credit affect my score?
- What does a clean credit history mean?
- Was your question not answered?
Your website says that a VA loan is not credit score driven, what does that mean?
The VA does not base their approvals or denials on a credit score. They look at the last 12 months history and use that for your qualification, whether your scores are high or low. For more information about credit scores or to get started on your VA loan, contact a VA Loan Specialist.
Can you use the credit report I pulled for myself off the internet?
No, to get you approved we have to pull our own credit report for the lender. They need to see the one in their format to make sure everything is listed as it should and to better analyze your credit situation.
Does running my credit affect my score?
There has been much debate on this subject. Over time many pulls can lower your score, but over a short period a few pulls will not affect your score and normally if you score was lowered by credit pulls it is a very insignificant decrease. Any possible drop in your scores from credit pulls is not looked at as an adverse factor in qualifying for your VA loan because for this loan the score is not important. It is the credit history, not the score, which is used for decision making.
What does a clean credit history mean?
A clean credit history means that you do not have collections, judgments, late payments or other blemishes on your credit report. You have made all your payments on time and do not have any items on your credit that could negatively affect your approval. For more information about credit or other aspects of a VA loan, check out General VA Loan FAQ's.
VA LOAN SPECIALIST
If you have questions or if you want to determine if a Veteran Home Loan is actually the best financial decision for you, you may get advice from a VA mortgage specialist online or call 800-405-6682.
Get Started With Your VA Loan Request
Take the first step toward your VA loan by getting in touch with a VA specialist.
