Comments on: If we are using a VA loan to buy a house, does our credit have to be good? http://www.vahomeloanrates.net/if-we-are-using-a-va-loan-to-buy-a-house-does-our-credit-have-to-be-good Learn where to find cheap VA home loan interest rates online Mon, 26 Jul 2010 20:10:04 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Expert Realtor http://www.vahomeloanrates.net/if-we-are-using-a-va-loan-to-buy-a-house-does-our-credit-have-to-be-good/comment-page-1#comment-426 Expert Realtor Sun, 07 Feb 2010 08:14:18 +0000 http://www.vahomeloanrates.net/if-we-are-using-a-va-loan-to-buy-a-house-does-our-credit-have-to-be-good#comment-426 As a former VA underwriter, you can get another house, however, there is no benefit to you getting a THIRD VA mortgage. They are usually only beneficial for your first home...here is why... Everytime you reuse your VA eligibility, the funding fee that you have to pay when you originate a new mortgage increases. I personally would wait until you have a mid-score of 620 and no lates on your account for a minimum of 24 months and pay off any collections/judgements/charge-offs that you have. Then you should easily qualify for an A-paper loan.

As a former VA underwriter, you can get another house, however, there is no benefit to you getting a THIRD VA mortgage.

They are usually only beneficial for your first home…here is why…

Everytime you reuse your VA eligibility, the funding fee that you have to pay when you originate a new mortgage increases.

I personally would wait until you have a mid-score of 620 and no lates on your account for a minimum of 24 months and pay off any collections/judgements/charge-offs that you have.

Then you should easily qualify for an A-paper loan.

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