*Loan,banking and credit>>>mortgage loan

Are VA mortgages loans credit based?

Yes, they are. While a credit score is not the issue, your credit history over the last 12 months is. You need to have No lates in the last 12 months on your credit record, and have at least 2 years since your bankruptcy was discharged, in addition to the standard income and employment qualifications.

Be careful to explore all of your financing options, because while 100% financing sounds attractive to qualified VA applicants, there is a 3% cost that must be paid to the Veterans Administration.

Therefore, explore other 100% financing options also, that are not sponsered by VA, and compare your fees and monthly payments to each other to determine the best scenario.

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If I understand your question properly... the answer is YES... sort of.. Being eligible for a VA loan is more important than your credit score.. IF THAT is what you mean.
Yes, they are. However, unlike conventional mortgages, they are not credit SCORE based. As long as you don't have derogatory credit for the previous twelve months (I'm over-simplifying it for the sake of brevity), your credit shouldn't be an issue.

I'm going to guess that you're wondering about the VA guarantee. Many vets think they are guaranteed a VA home loan. That's simply not the case. They must still qualify based on credit, income, debt ratios, etc.

Rick
www.primelendingonline.com
WRONG!!!! unlike FHA loans Va loans are very much credit based. the truth is that VA loans are not a very big player in todays real estate market. There are many other programs (especially FHA) that can help you get into a home if you have a low score (or no credit score).

FHA loans are more flexibel when it comes to credit as well as income guidleines. Also there is a program that will allow you to get a FREE grant for your downpayment and closing costs if you qualify for an FHA mortgage. check out www.libertygrant.com or give me a call at 1-877-GRANT-100 or send me an email for more details

good luck
www.libertygrant.com www.mortgageclinic.com