Are you worried that not having a traditional credit score might keep you from buying a home with a VA Loan? You're not alone! In today's video, we're going to bust that myth wide open and show you how you can still qualify for a VA Loan without a traditional credit score using non-traditional credit.

VA Handbook: [ Ссылка ]
Automated vs Manuel Underwriting: [ Ссылка ]

Overview:
• The VA – No Minimum Credit Score: Did you know the VA itself doesn't require a minimum credit score? However, lenders often have their own requirements. But what happens when you have NO credit score?
• Bad Credit: Learn how your last 12 months of payments and compensating factors can affect your loan application.
• No Credit Score: Discover why having no credit score might actually be more favorable and how it's also lender-driven.

How It Happens:
1. No Reported Credit Score: You might not have a credit score if you don't have "reportable" liabilities, like a cell phone payment, or if you've stopped using available credit that reports on your credit report, like a Military Star Card.
2. Non-Traditional Credit: Find out how lenders use non-traditional credit. They can do “Credit Supplements” by considering bills like cell phone, gas, electric, water, and cable. You need at least 12 months of consistent monthly payments.

How This Affects Your Loan:
1. Verification: Your non-traditional credit needs to be verified.
2. Assigned Credit Score: Lenders typically assign a “credit score” of around 680 based on your non-traditional credit.
3. Loan Pricing: Learn how this affects your overall loan pricing.

Manual Underwriting:
Since this is considered a manual underwrite, an underwriter will review your application manually. Check out my video on Automated and Manual Underwriting to understand the main differences. [ Ссылка ]

Stay tuned, because this information could be the key to unlocking your dream of homeownership. Let's get started!

#VALoan #NoCreditNoProblem #HomeBuying #Veterans #VAHomeLoan #MilitaryHomeownership #CreditScore #RealEstate #MortgageTips #HomeBuyingTips

► ► Get Pre-Approved With My Team → [ Ссылка ]
► ► Get Your Certificate of Eligibility → [ Ссылка ]

🏦 FREE Loan Estimate REVIEW → [ Ссылка ]

Chapters:
00:00 - 00:33: Introduction: Qualifying for a VA Loan Without Traditional Credit
00:33 - 01:06: VA’s No Minimum Credit Score Policy and Lender Requirements
01:06 - 01:39: Bad Credit vs. No Credit: Compensating Factors
01:39 - 02:09: Favorable Terms for No Credit and Lender Options
02:09 - 02:43: Why You May Not Have a Reported Credit Score
02:43 - 03:17: Example of Reactivating a Trade Line to Improve Credit
03:17 - 03:51: Importance of Knowing Your Mortgage FICO Score
03:51 - 04:23: Non-Traditional Credit: What Counts and How to Report It
04:23 - 04:57: Self-Reporting Bills to Establish Credit History
04:57 - 05:29: Lenders Requiring Three Trade Lines for VA Loan Approval
05:29 - 05:57: Verifying Payments and Applying a 680 Credit Score
05:57 - 06:31: Manual Underwriting Explained for Non-Traditional Credit
06:31 - 07:01: Manual vs. Automated Underwriting for VA Loans
07:01 - 07:32: Conclusion and Encouragement to Ask Questions

DISCLAIMER: The content of VA Housing Education at Waterman Bank is meant for educational purposes only. We will not extend credit of any kind without speaking to a loan officer. Any calculations should be verified independently. This website should not directly be used to make decisions on home offers, purchasing decisions, is not guaranteed to provide accurate results, imply lending terms, qualification amounts, or real estate advice. Seek counsel from a licensed real estate agent, financial planner, accountant, and/or attorney for real estate, legal, and/or financial advice. The views expressed on this site and videos are those of the individual author and do not necessarily represent those of Waterman Bank and are not intended to provide legal or compliance advice. VA Housing Education at Waterman Bank is not affiliated with or approved by the VA, FHA or any other government agency. Contact Waterman Bank for your lending needs.

#VALoanEducation #VeteranSupport #MilitaryFamilies #HomeBuyingTips #RealEstateAdvice #MortgageTips #VAHousingEducation #VALoan #VAHomeLoan

свернуть