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VA Loans Bad Credit Chicago With No Lender Overlays

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VA Loans Bad Credit Chicago With No Lender Overlays

This BLOG On VA Loans Bad Credit Chicago With No Lender Overlays Was UPDATED On January 12th, 2019

 Chicago is the second largest city in the United States.
  • Chicago and its surrounding suburbs has one of the largest population of Veterans, both active and retired military
  • Home values in Chicago have been appreciating in the past few years
  • Many veterans can now qualify for VA Loans Bad Credit Chicago with no overlays with The Gustan Cho Team at Loan Cabin

Qualifying For VA Loans On Home Purchase 

VA Loans are residential mortgage loans available for members of the United States armed forces. Veterans of the United States military, and spouses of members and veterans of the U.S. military can now qualify for VA Loans Bad Credit Chicago.

  • The United States Department of Veteran Affairs is in charge of VA Loans
  • The U.S. Department of Veteran Affairs offers these special unique VA Loans
  • VA Loans does not require any down payment through the VA Loan Guaranty Mortgage Loan Program
  • VA Loans is a great mortgage loan program that require no down payment, 100% financing, and no mortgage insurance requirement like FHA and Conforming Loans
  • Plus, VA loans have very lenient mortgage guidelines
  • VA Loans were created to reward members of the United States military for serving our country
  • VA Loans is probably the biggest benefit a veteran is rewarded for serving in the United States armed services
  • Rates on VA loans are extremely low

Veteran Home Buyers can qualify for VA Loans Bad Credit Chicago.

VA Loan Guaranty Program: Benefits Of VA Loans

The United States Congress has created the VA Loan Guaranty Mortgage Program. Our government created the VA Loan Program over 70 years ago . VA Loans was launched as part of the Servicemen Readjustment Act of 1944 to benefit. VA Loans promoted home ownership to United States veterans who served in the United States armed services

  • The VA mortgage loan program was created to serve as a bonus for members of the United States armed services
  • Instead of giving veterans a cash bonus, veterans got a certificate of eligibility
  • COE was created to use for a home with no money down and no mortgage insurance
  • VA mortgage loan programs have been a hit
  • VA Loans is still extremely popular to this day
  • Over 20 plus million veterans have benefited from a VA loan since its inception in 1944
  • That translates into over 300,000 VA mortgage loans per year
  • Due to the low interest rates and no mortgage insurance and 100% financing, VA loans are by far the most popular loan program today
  • Qualified borrowers can qualify for VA Loans with less than perfect credit with The Gustan Cho Team at Loan Cabin

Home Purchase And Refinance With VA Loans

The VA Loan program is not just for home purchase VA mortgage loans.

  • Veteran homeowners who have the VA certificate of eligibility can also qualify for a VA refinance mortgage loan
  • The VA interest rate reduction refinance loan, or often referred to IRRRL
  • IRRRL is one the most popular refinance mortgage loan programs for Veterans where it is extremely easy, quick
  • IRRRL has lenient mortgage lending guidelines and streamlines the refinance mortgage process
  • VA allows homeowners with equity to do 100% cash-out refinance 

How Do I Qualify For VA Loans Bad Credit Chicago

VA borrowers need to be a veteran of the United States Armed Services or a surviving spouse of a U.S. military veteran to be eligible to qualify for a VA loan.

  • Not all veterans will qualify for a VA Loan
  • There are mortgage lending guidelines and minimum eligibility requirements that each VA loan applicant needs to meet
  • VA loan programs require minimum credit scores, documented income, and certain debt to income ratio requirements as well as minimum years in service

Years In Service Requirements To Qualify For VA Mortgages

With regards to minimum years in service, that depends on whether the veteran served during wartime or peacetime.

  • For U.S. Veterans who have served in the United States Armed Services during World War II, the Korean War, or the Vietnam War, they can qualify for a VA Loan
  • VA benefits if they have served as follows:
    • 90 days of active duty as long as they have a discharge from the branch of military service they have served under of non other than a dishonorable discharge
  • For U.S. veterans who have served in the armed services from 1947 through 1981 during peacetime, in order to qualify for a VA loan the veteran needs to have served of at least 181 days of service, continuous days with no gaps
  • Need to have a discharge other than a dishonorable discharge

Veteran Home Buyers do not need good credit to qualify for VA Loans Bad Credit Chicago.

Advantages Of VA Loans Bad Credit Chicago With No Lender Overlays

The Gustan Cho Team at Loan Cabin Inc. are direct lenders and experts in originating and funding VA Loans Bad Credit Chicago With No Lender Overlays.

VA Loans is by far one of the greatest mortgage loan programs out there.

  • However, not everyone can qualify for VA Loans Bad Credit Chicago
  • Need to be veteran with Certificate Of Eligibility
  • One of the greatest benefits of becoming a veteran is the ability to get a VA Loan
  • VA loans offer residential mortgage loans  to veterans with 100% financing where the home buyer does not have to put any money down
  • The VA Loan program waives all mortgage insurance for VA loans which is a huge savings
  • Mortgage rates on VA loans is one of the lowest and sometimes is lower than conventional loans
  • There is an upfront VA funding fee where it can be rolled into the VA loan
  • The upfront funding fee is waived to certain veterans

Assumable VA Mortgages

All VA loans are assumable where if you currently have a VA loan at a low interest rate, a home buyer who is eligible for a VA loan can assume your VA loan.  This can be a great selling point for potential home buyers.

  • VA loans does not have minimum credit scores nor loan caps
  • VA Loans offer very flexible debt to income ratio caps
  • VA loan mortgage lending guidelines are much more relaxed than other loan programs such as FHA and conventional loans
  • Veteran home buyers can qualify for VA Loans Bad Credit Chicago with outstanding collections and charge offs
  • VA does not have a minimum credit score requirement
  • However, it is recommended that veteran borrowers have at least a 580 credit score to get an approve/eligible per Automated Underwriting System
  • VA does not have any caps on debt to income ratios

Veteran Home Buyers needing VA Loans Bad Credit Chicago with a direct lender with no overlays, please contact The Gustan Cho Team at Loan Cabin at 262-716-8151 or text us for faster response. Or email us at gcho@loancabin.com.

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