MONGOLIAN BEEF THAT’S EASY TO MAKE IN JUST 30 MINUTES, CRISPY, SWEET AND FULL OF GARLIC AND GINGER FLAVORS YOU LOVE FROM YOUR FAVORITE CHINESE RESTAURANT.
Mongolian Beef is a recipe that I’ve been cooking for clients for many years for a number of reasons. One, people love anything that tastes like Chinese takeout. Two, the sweet flavor of the dark brown sugar mixed with the salty soy sauce and the strong ginger and garlic is incredibly addicting and three you get to enjoy it over a mountain of steamed rice, which if you are anything like me is your happy place.
VA Loan Credit Score Requirements
VA loans are the greatest benefit this Country’s Veterans are given.
But what credit score do you need to qualify for a VA home loan?
While the VA doesn’t have a minimum credit score requirement, each lender sets their own guidelines on credit scores.
We will explain what scores you need and how you can improve your score so you can qualify for a VA mortgage.
What are VA Loans?
The Veterans Administration makes mortgage loans available to U.S. veterans who meet the VA Loan guidelines.
They do not act as a lender, but does guarantee the loans, making it more desirable for lenders to make loans to veterans.
The two biggest benefits of VA loans is no down payment and PMI is not required.
Because VA requires no down payment and no minimum credit score, it offers many veterans with poor credit or limited resources the opportunity to become homeowners.
VA Loan Requirements for Credit Scores
Officially there is no minimum credit score for a VA loan.
The VA will insure a mortgage for qualifying individuals regardless of the credit rating.
Mortgage lenders will have their own minimum credit requirements for VA loans. And many lenders require a minimum 620 score.
However, there are plenty of VA lenders that allow for poor credit scores even below 580 in some cases.
The key to successfully purchasing a home with a lower credit score is to find the right lender who will work with you to help you accomplish your goal of owning your own home.
Compensating Factors for Poor Credit
Bad credit doesn’t necessarily prevent you from qualifying for a VA loan. But lenders will want to see that the borrower is low-risk in other areas of their application.
You may be considered if you can give a reasonable explanation for your low credit score.
It’s up to the lender’s discretion to decide whether to extend the loan or not.
If your credit score is too low to qualify read our article on how to increase your credit score. And download our free do-it-yourself credit repair guide.
If your credit score is too low to qualify for a VA loan. You can consider getting an FHA loan. Some lenders are able to offer an FHA loan for borrowers with poor credit.