Also, make sure to include all the income you have. If you have any equity in any stocks or other financial accounts, make sure to mention that to the broker as well.

The more money you can put down on the loan, the more likely it is that you can get approved. FHA loans usually only require 3-5% down. They are also usually open to working with people with credit problems.

Being a Veteran does not guarantee you qualify for a VA loan. As with a standard loan any ugly credit mishaps made within the past 12 months will be evaluated and will be taken into consideration for eligibility. Your debt-to-income ratio and income is looked at and if you are filing jointly your spouses’ information will be considered as well.

One of the greatest benefits of VA loans is the low interest rates. The rates aren't dependant on your credit score which mean if you have a credit score of 550 or 800 you get a reasonable low rate. VA loans are also in many cases available for 100% financing with no mortgage insurance so all of your interest is tax deductible and you usually walk away with minimal money out of your pocket at closing.
If you qualify for a VA loan it will be hard to beat with a conventional loan. Looking at all the benefits VA loans have to give and the strong backing behind them makes them worth seeking.

Our Recommended VA Mortgage Loan Lenders: