Carlos Scarpero- Dayton and Cincinnati Ohio Mortgage Broker

Bad Credit VA Loans in Texas

Take the 30 second mortgage quiz to see if you qualify

Are you looking to get a VA mortgage loan in Texas but have bad credit?

I can help. I am a VA Mortgage Specialist.

Over 50% of the mortgage loans that I originate are VA home loans and many of these loans are for veterans with bad credit.

As a full service mortgage broker with 150 different lenders to choose from, I have several options for bad credit VA loans in Texas.

VA home loans have the following benefits.

Vetted VA logoI am proud to have completed the Vetted VA certification program.

Vetted VA is a program that allows loan officers to demonstrate that they have superior knowledge of the VA mortgage program.  

Less than 1% of loan officers out there have completed this certification.

The Vetted VA program also provides me a network of loan officers all around the country that can help. This means that any help needed to get the loan closed in a timely manner will get figured out quickly and easily.

Take the 30 second mortgage quiz to see if you qualify

About Bad Credit VA Loans In Texas

Down Payment Required: None

Minimum Credit Score: None officially, but most lenders have their own minimum credit score

Other Requirements: Must be a Veteran

What Is The Minimum Credit Score To Get A VA Home Loan in Texas?

The VA has no official minimum credit score to get a VA home loan. Keep in mind that even though the VA does not have a minimum credit score, many lenders have their own minimums. As a full service mortgage broker, I have access to a lot of mortgage lenders and the lowest minimum credit score that I’ve seen for VA mortgage approval is 500.

Do you only offer bad credit VA mortgage loans?

VA loans are one of several programs that I offer. I am a full service mortgage broker with VA, FHA, Conventional, USDA, Non QM and more.

Take the 30 second mortgage quiz to see if you qualify

Do you do business anywhere in Texas?

I serve the entire state of Texas including:

Abilene, Allen, Amarillo, Arlington, Atascocita, Austin, Baytown, Beaumont, Brownsville, Carrollton, Cedar Park, College Station, Conroe, Corpus Christi, Dallas, Denton, Edinburg, El Paso, Euless, Flower Mound, Fort Worth, Frisco, Galveston, Garland, Georgetown, Grand Prairie, Grapevine, Harlingen, Houston, Huntsville, Irving, Killeen, Laredo, League City, Leander, Lewisville, Little Elm, Longview, Lubbock, McAllen, McKinney, Mansfield, Mesquite, Midland, Mission, Missouri City, New Braunfels, North Richland Hills, Odessa, Pasadena, Pearland, Pflugerville, Pharr, Plano, Port Arthur, Richardson, Round Rock, Rowlett, San Angelo, San Antonio, San Marcos, Sugar Land, Temple, Texas City, The Woodlands, Tyler, Victoria, Waco and Wichita Falls

Are You Licensed In Any Other States?

I can originate VA mortgage loans anywhere that I’m licensed.

I’m licensed in Ohio, Kentucky, Indiana, Texas, Florida, Alabama, Tennessee, Arizona, Virginia, Michigan, Missouri, Illinois, California, Georgia, Pennsylvania, Oregon, and Washington.

Additionally, I can originate mortgages in over 30 additional states through our corporate referral program.

Will I get approved for a VA home loan if I don’t have any credit at all?

The VA has certain guidelines for borrowers who have no credit score or insufficient credit history. In such cases, the VA allows the consideration of alternative trade lines to assess the borrower’s creditworthiness.

Alternative trade lines are non-traditional credit references that may include items such as rental payment history, utility bill payments, insurance premiums, and other regular monthly payments that do not typically appear on a standard credit report.

To get approved with no credit score using alternative trade lines, you would typically need a minimum of three alternative trade lines. These trade lines should demonstrate a 12-month history of on-time payments to be considered as a valid credit reference.

The VA’s rationale behind requiring three alternative trade lines is to establish a pattern of responsible financial behavior and a demonstrated ability to manage monthly payments. This helps the VA and lenders assess your credit risk and determine your eligibility for a VA home loan.

Take the 30 second mortgage quiz to see if you qualify

Can I get approved for a VA mortgage loan with a bankruptcy on credit?

It is possible to get approved for a VA home loan after a bankruptcy. For Chapter 7, VA guidelines state that the bankruptcy needs to be discharged for at least two years. For a Chapter 13, it needs to be at least 12 months into the payment plan.

The VA does sometimes allow bankruptcy cases to get approved for VA financing in less than 2 years when extenuating circumstances exist such as job loss or medical issues. However, extenuating circumstances cases are rarely approved.

It’s important to note that VA-approved lenders will consider the reason for the bankruptcy and your overall financial stability when making their decision. 

Keep in mind that while VA loans offer more flexibility for borrowers with past financial difficulties, lenders will still assess your creditworthiness, employment history, and income stability to determine your eligibility for a VA mortgage loan.

Can I get approved for a VA mortgage loan with a foreclosure on credit?

It is possible to get approved for a VA home loan after a foreclosure. Typically there is a two year waiting period with a foreclosure, based on the date that the title transfer took place removing you from title.

The VA does sometimes allow foreclosure cases to get approved for VA financing in less than 2 years when extenuating circumstances exist such as job loss or medical issues. However, extenuating circumstances cases are rarely approved.

Keep in mind that the underwriter will look at the reason for the foreclosure and your overall financial stability when making their decision. 

Also, if the foreclosure was on a VA mortgage, the old mortgage loan will still be charged to your entitlement and may affect how much you can borrow without a down payment.

The VA has a process where you can clear foreclosures off of your entitlement by calling the VA service center and settling the past claim. Typically this claim amount is a fraction of the amount of the foreclosure. Feel free to reach out to me and I can walk you through this process.

Take the 30 second mortgage quiz to see if you qualify

Testimonial From Dan Bragg

I had gotten the runaround from another VA lender but you made it happen. Thank you Carlos!

Testimonial From Rodney Foster

Carlos made the process of getting a VA loan simple and I had no worries.

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