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100%disabled Vet, monthly compensation,with bad credit

  • January 23 2014 - US
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Answers (2)

I am also confused as to what your question is. If you are seeking a mortgage it can still be possible. Lenders will consider your disability income when you apply for a loan. Also, what exact scores do you have? Lenders like myself can go as low as 580 when it comes to credit. So if you are above that then you should be fine. Otherwise, I recommend that you spend some time fixing your credit. The simplest way to fix your credit is to pay off your debt and revolving credit balance on time. On a different note, have you considered a VA loan? These loans are exclusive to veterans and have great benefits such as competitive rates and 0% payment requirement. So I strongly suggest you look into this loan. The best thing for you to do is to speak with a lender such as myself to see if you can get started on financing a new home. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
  • January 24 2014
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I'm not sure of the question but assume that you are inquiring about financing a mortgage?

If you receive disability income as a result of a service related injury you will not be charged the VA guranty funding fee.  However, bad credit will prevent you from obtaining a mortgage.  Most lenders won't extend a loan to borrowers with a score 620 or below; some bottom out at 640.

I would suggest you contact a VA lender in your area and talk with them about your credit situation.  All are happy to help; we're in the business to make loans!

Thank you for your service to our country!
  • January 23 2014
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