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VA Loans are a good option for Veterans, surviving spouses and Active Duty military personnel to obtain a home loan.

These loans come with 100 percent financing* and no requirement for mortgage insurance. Additionally, Hawaii veterans can utilize these loans if they have a poor credit score. That is because, generally speaking, there isn’t a minimum credit score requirement for VA Loans. Alternatively, lenders examine the borrower’s recent payment history, including the previous year of mortgage or rent payments.

This differs quite a bit with other home loan programs that, generally speaking, have credit score minimum requirements ranging from 500 to 640.

Additionally, if the borrower went through a foreclosure or bankruptcy, the previous two years of their payment history would be taken into account. The grace period after a Chapter 7 bankruptcy to obtain a VA Loan is two years. If a Chapter 13 bankruptcy occurred, 12 months of making payments on time could help qualify a borrower for a VA Loan.

As you can see, the VA Loan program, which is backed by the U.S. Department of Veterans Affairs, is flexible in order to assist those who have served our country purchase a home. (Element Mortgage is not acting on behalf of the federal government and is an independent third party.)

Plus, beginning in January of next year, the cap on how much a Veteran can borrow through the program will be removed, thanks to the Blue Water Navy Vietnam Veterans Act of 2019.

Even though there aren’t stringent credit score requirements for VA Loans, it is encouraged that borrowers take steps to improve a poor credit score by using a credit tracking system and/or utilizing a credit score repair company to assist in trying to get it back on track.

If you are interested in obtaining a VA Loan in Oahu, make sure to contact us today. We have extensive knowledge of the market and a strong reputation for delivering VA Loans.

And to all of those who have made sacrifices to protect our nation: Thank you for your service.

*Qualifying factors may apply. Example VA: Loan amount $300,000, 0% down, monthly payment without taxes and insurance $1,844.77 APR 4.432%.

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