Interested in a VA Loan?

I get questions ALL the time about Credit Score and Qualifying the VA Loan 🏦

Below are some important tid bits that may help ⬇️

🏡 If 2 people are married and applying jointly for the loan, it is the lower credit score between the two of you that the lender will use, many people ask why it’s because the lowest score is the ingest risk so they lend factoring the biggest risk the heaviest.

🤔 I’ve had people ask if the lender will average scores together, they don’t because they at this point don’t use the highest score. They qualify you based on the LOWER score between the two of you. (Which is why we sometimes recommend only have the highest scoring member on it and adding the second person to the title only)

🤓 BUT it’s important to remember you can only do what I suggested above IF the highest score is the AD member as you CANNOT get the a VA loan as a military spouse UNLESS you have your own VA entitlement from your own previous time in service.

⭐️ So if you don’t earn income plus have a lower credit score, it’s best like I said anove to not go on the loan but only the title.

❤️ Sometimes those spouses who don’t earn income want to be on the loan to help boost their credit and, if you don’t earn income but your spouse does, you CAN still go on the application but be careful not to hurt the qualification. Talk to the lender to see first.

💥 If you’re not married, you cannot jointly qualify for the VA loan using a non service members income/credit score. It’s only the service member if you’re unmarried. If you get married, then you can use both of your income, assets, (debts) to qualify. BUT this is another instance where you SHOULD still be able to be on the title just again ask your lender first to be sure.

I hope this helps some of the folks that have been looking for info like this. Have a wonderful Friday!! 👏🏻❤️

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