If you are a veteran, we want to thank you for your service.  So does the government, by offering you low rates, easy qualifying and the best terms.  

Have you served in the military for more than 90 days?   Whether you are active duty or not, you are probably qualified to enjoy the benefits of a VA guaranteed mortgage loan. We'd like to help you buy a home using your VA benefits. We work in the Greater Seattle area, from Ft. Lewis all the way to Everett and beyond.  

How does it work?  The VA will analyze a borrower's past credit performance in determining the loan for approval. A borrower who has made timely payments for the last 12 months serves as a guide and demonstrates their willingness to repay future credit obligations. On the opposite side, a borrower who reflects continuous slow payments, judgments and delinquent accounts is not a good candidate for loan approval.  We can help determine the amount of mortgage payment you qualify for, and set an upper limit of the home value VA is likely to approve.  

 Once you have loan pre-approval, we can help you find the property that's just right for you.   Not every seller will accept a VA offer.  Not every property is a good candidate for VA approval.  We are experienced real estate agents and can save you time and trouble by eliminating properties that won't sell or won't qualify for a VA loan.

Here is a list of items concerning the borrower's credit that are important to the VA.

LATE PAYMENTS
In circumstances not involving bankruptcy, satisfactory credit is generally considered to be reestablished after the veteran, or veteran and spouse, have made satisfactory payments for 12 months after the date of the last derogatory tradeline.

When the underwriter analyzes the borrowers credit; they will review the overall pattern of credit behavior. A period of past financial difficulty does not disqualify the borrower if a good payment pattern has been maintained since then.

Account balances reduced to judgment by a court must either be paid in full or subject to a repayment plan with a history of timely payments.

NO CREDIT HISTORY
In the area of credit, the lack of an established credit history should not be a deterrent to loan approval. As provided in the credit standards, a satisfactory payment history on items such as rent, utilities, phone bills, etc., may be used to establish a satisfactory credit history.

CHAPTER 7 BANKRUPTCY
VA guidelines say you need a minimum of two years since the discharge date of a Chapter 7 bankruptcy. A full explanation of the bankruptcy will be required. The borrower must also have re-established good credit, qualify financially and have good job stability.

CHAPTER 13 BANKRUPTCY
Unlike conventional lenders, the VA will consider a borrower still paying on a Chapter 13 Bankruptcy if the payments to the court have been satisfactorily made and verified for a period of one year. In addition, the court trustee will need to give written approval to proceed. A full explanation of the bankruptcy will be required. The borrower must also have re-established good credit, qualify financially and have good job stability.

COLLECTIONS, JUDGMENTS AND FEDERAL DEBTS
VA guidelines say that if a collection is minor in nature, it may not need to be paid off as a condition for loan approval. Judgments must be paid in full prior to closing. A borrower is not eligible for the loan if they are delinquent on any federal debt. This can include tax liens, student loans, etc. Payment arrangements that would bring the borrower up to date may be considered for loan approval.

FORECLOSURE
A borrower whose previous residence or other real property was foreclosed on or given a deed-in-lieu of foreclosure within the previous two years since the disposition date is generally not eligible for a VA insured mortgage. If the foreclosure was on a VA loan, the applicant may not have full entitlement available for the new loan.

CONSUMER CREDIT COUNSELING PLAN
If you as a veteran have had adverse credit and are participating in a Consumer Credit Counseling Plan, you may still be determined a satisfactory credit risk if you can demonstrate 12 months' satisfactory payments and the counseling agency approves the new credit.