VA no credit score mortgage mobile home Florida

VA no credit score mortgage mobile home Florida

VA loans involve a veteran’s benefit. Therefore, lenders are encouraged to make VA loans to all qualified veterans who apply.

No credit history

For applicants with no established credit history, base the determination on the applicant’s payment record on utilities, rent, automobile insurance or other expenses that applicant has paid.

Absence of a credit history is not generally considered an adverse factor.  It may result when recently discharged veterans have not yet developed a credit history. Applicants have routinely used cash rather than credit. Applicants have not used credit since some disruptive credit event such as bankruptcy or consumer counseling.

Veteran's are eligible for a VA loan with no credit score if they meet the following requirements:

1. No credit score
   
2. Maximum qualifying debt-to-income ratios 43/43
3. No collection accounts
   
4. Three payment record on utilities, rent, automobile insurance or other expenses for the last 12months

Veteran's are eligible for a VA loan with no credit score but have collection accounts on credit report:

1. No credit score
   
2. Maximum qualifying debt-to-income ratios 31/43
3. Three months reserves
4. All collections must be paid at or prior to closing
5. Three payment record on utilities, rent, automobile insurance or other expenses for the last 12 months

VA no credit score mortgage mobile home Florida - Maximum loan size is $417,000.00 and the maximum loan-to-value is 100%. Eligible properties are single family detached, manufactured double-wide, condo or modular.

Foundation Systems

All manufactured home permanent foundation systems must follow the FHA guidelines in effect at the time of the certification. The guidelines include submission of a certification from a licensed professional engineer, or registered architect, who is licensed/registered in the state where the manufactured home is located, attesting to compliance with the current guidelines.

A copy of the foundation certification, showing that the foundation meets the guidelines published in the PFGMH that were in effect at the time of certification, is acceptable for future VA loans, provided there are no alterations and/or observable damage to the foundation.

Apply now!

Call us 888.958.5382

We recognize the importance to you of keeping your information secure and confidential. We will not sell or share your personal information.

We look forward to working with you.

We look forward to working with you.