VA Loan Credit Requirements

Here is a simplified version on what the VA says about your credit. The updated 2019 VA loan guidelines for credit (Ch 4) can be found here here.

Really, the VA just says one general thing about your credit… The borrower must have suitable credit. Now try to define suitable credit. Its not possible. The VA leaves the guidelines open to each individual lender to make their own interpretation. The VA loan guidelines do not deal with every possible situation. They leave it to the lender to apply judgement and document that we are putting the Veterans a better position. VA is very clear about a few things listed below.

  • Must have suitable credit
    • The VA does not have a minimum credit score requirement… however, there is content requirement
    • Borrower must meet lender standards
    • The VA likes 640+ scores (although not necessary if strong compensating factors)
    • If you had a derogatory credit event, you must re-establish credit
    • Satisfactory credit is generally considered to be reestablished after satisfactory payments for 12 months after the date the last derogatory credit item was satisfied.

Tips to building credit

Copy and paste from Ch 4, sect 7: VA Loan guidelines on analyzing credit.

C. How to analyze Credit

The applicant’s past repayment practices on obligations are the best indicator of his or her willingness to repay future obligations.  Emphasis should be on the applicant’s overall payment patterns rather than isolated occurrences of unsatisfactory repayment.  Determine whether the applicant (and spouse, if applicable) is a satisfactory credit risk based on a careful analysis of the credit report and other credit data.

Rent and Mortgage Payment History

The applicant’s rental history and any outstanding, assumed, or recently retired mortgages must be verified and rated.

Housing expense payment history is often the best indicator of how motivated the applicant is to make timely mortgage payments in the future.

Absence of 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, and/or
  • applicants have not used credit since some disruptive credit event such as bankruptcy or debt pro-ration through consumer credit counseling.  In these cases, develop evidence of timely payment of noninstallment obligations such as rent and utilities since the disruptive credit event.

If a veteran, or veteran and spouse, have prior adverse credit and are participating in a Consumer Credit Counseling plan, they may be determined to be a satisfactory credit risk if they demonstrate 12 months’ satisfactory payments and the counseling agency approves the new credit.  If a veteran, or veteran and spouse, have good prior credit and are participating in a Consumer Credit Counseling plan, such participation is to be considered a neutral factor, or even a positive factor, in determining creditworthiness.  Do not treat this as a negative credit item if the veteran entered the Consumer Credit Counseling plan before reaching the point of having bad credit.

Reference:  For bankruptcy cases, see “Bankruptcy” in this section.

Accounts in the Spouse’s Name

Under ECOA – Upon the applicant’s request, the lender must consider any account reported in the name of the applicant’s spouse or former spouse that the applicant can demonstrate accurately reflects the applicant’s creditworthiness.

Consideration of the Spouse’s Credit History

ECOA prohibits requests for, or consideration of, the credit of a spouse who will not be contractually obligated on the loan except:

  • if the applicant is relying on alimony, child support, or maintenance payments from the spouse (or former spouse), or
  • in community property states.
  • If the property is located in a community property state, VA requires consideration of the spouse’s credit (whether or not the spouse will be personally liable on the note and whether or not the applicant and spouse choose to have the spouse’s income considered).

If a married veteran wants to obtain the loan in his or her name only, the veteran may do so without regard to the spouse’s credit only in a non-community property state.

Adverse Data

Reestablished Credit:  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 the last derogatory credit item was satisfied.  For example, assume a credit report reveals several unpaid collections, including some which have been outstanding for many years.  Once the borrower has satisfied the obligations, and then makes timely payments on subsequent obligations for at least 12 months, satisfactory credit is reestablished. 

Collections:  Isolated collection accounts do not necessarily have to be paid off as a condition for loan approval.  For example, a credit report may show numerous satisfactory accounts and one or two unpaid medical (or other) collections.  In such instances, while it would be preferable to have collections paid, it would not necessarily be a requirement for loan approval.  However, collection accounts must be considered part of the borrower’s overall credit history and unpaid collection accounts should be considered open, recent credit.  Borrowers with a history of collection accounts should have reestablished satisfactory credit (see previous paragraph) in order to be considered a satisfactory credit risk. 

Disputed Accounts:  Lenders may consider a veteran’s claim of bona fide or legal defenses regarding unpaid debts except when the debt has been reduced to judgment.  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.  For unpaid debts or debts that have not been paid timely, pay-off of these debts after the acceptability of applicant’s credit is questioned does not alter the unsatisfactory record of payment. Summary:  The above guidance is not meant to address every possible scenario.  Lenders should carefully review the complete credit history and use their judgment.  For example, if an applicant has numerous unpaid collections – no matter when they were established – it’s not unreasonable to question the borrower’s ability and willingness to honor obligations.  If the applicant and/or spouse are determined satisfactory credit risks in spite of derogatory credit information, the loan file should include an explanation from the applicant(s) and the lender’s underwriter of the basis for the determination.  If lenders are unsure about a particular situation, they should contact the appropriate VA Regional Loan Center.

Summary:  The above guidance is not meant to address every possible scenario.  Lenders should carefully review the complete credit history and use their judgment.  For example, if an applicant has numerous unpaid collections – no matter when they were established – it’s not unreasonable to question the borrower’s ability and willingness to honor obligations.  If the applicant and/or spouse are determined satisfactory credit risks in spite of derogatory credit information, the loan file should include an explanation from the applicant(s) and the lender’s underwriter of the basis for the determination.  If lenders are unsure about a particular situation, they should contact the appropriate VA Regional Loan Center.

Consumer Credit Counciling Plan

If a veteran, or veteran and spouse, have prior adverse credit and are participating in a Consumer Credit Counseling plan, they may be determined to be a satisfactory credit risk if they demonstrate 12 months’ satisfactory payments and the counseling agency approves the new credit.    If a veteran, or veteran and spouse, have good prior credit and are participating in a Consumer Credit Counseling plan, such participation is to be considered a neutral factor, or even a positive factor, in determining creditworthiness.  Do not treat this as a negative credit item if the veteran entered the Consumer Credit Counseling plan before reaching the point of having bad credit.

Bankruptcy

The fact that a bankruptcy exists in an applicant’s (or spouse’s) credit history does not in itself disqualify the loan.  Develop complete information on the facts and circumstances of the bankruptcy.  Consider the reasons for the bankruptcy and the type of bankruptcy filing.   Bankruptcy Filed Under the Straight Liquidation and Discharge Provisions of the Bankruptcy Law You may disregard a bankruptcy discharged more than 2 years ago.   If the bankruptcy was discharged within the last 1 to 2 years, it is probably not possible to determine that the applicant or spouse is a satisfactory credit risk unless both of the following requirements are met:   the applicant or spouse has obtained consumer items on credit subsequent to the bankruptcy and has satisfactorily made the payments over a continued period, andthe bankruptcy was caused by circumstances beyond the control of the applicant or spouse such as unemployment, prolonged strikes, medical bills not covered by insurance, and so on, and the circumstances are verified.  Divorce is not generally viewed as beyond the control of the borrower and/or spouse. 
If the bankruptcy was caused by failure of the business of a self-employed applicant, it may be possible to determine that the applicant is a satisfactory credit risk if
–   the applicant obtained a permanent position after the business failed,
–   there is no derogatory credit information prior to self-employment,
–   there is no derogatory credit information subsequent to the bankruptcy, and
–   failure of the business was not due to the applicant’s misconduct.
If a borrower or spouse has been discharged in bankruptcy within the past 12months, it will not generally be possible to determine that the borrower or spouse is a satisfactory credit risk.

Petition Under Chapter 13 of the Bankruptcy Code
This type of filing indicates an effort to pay creditors.  Regular payments are made to a court-appointed trustee over a 2 to 3 year period or, in some cases, up to 5 years, to pay off scaled down or entire debts.
 
If the applicant has finished making all payments satisfactorily, the lender may conclude that the applicant has reestablished satisfactory credit.
 
If the applicant has satisfactorily made at least 12 months worth of the payments and the Trustee or the Bankruptcy Judge approves of the new credit, the lender may give favorable consideration.

Foreclosures

The fact that a home loan foreclosure (or deed-in-lieu of foreclosure) exists in an applicant’s (or spouse’s) credit history does not in itself disqualify the loan.

  • Develop complete information on the facts and circumstances of the foreclosure. 
  • Apply the guidelines provided for bankruptcies filed under the straight liquidation and discharge provisions of the bankruptcy law.  See the preceding heading entitled “Bankruptcy.”

If the foreclosure was on a VA loan, the applicant may not have full entitlement available for the new loan.  Ensure that the applicant’s Certificate of Eligibility reflects sufficient entitlement to meet any secondary marketing requirements of the lender.

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  1. Насос погружной скважинный UNIPUMP ECO 0 – Погружные скважинные насосы UNIPUMP серии ЕСО — предназначены для бытового использования и применяются для подачи чистой воды из скважин диаметром не менее 110 мм, глубоких колодцев и открытых водоемов. Также они могут быть использованы для создания систем автоматического водоснабжения частных домов, дач и т.п. Насосы серии ЕСО не имеют аналогов. Корпус насоса выполнен из нержавеющей стали. Электродвигатель — однофазный. Проточная часть центробежного типа, рабочие колеса — «плавающие», выполнены из высокопрочного, износоустойчивого поликарбоната. «Плавающие» рабочие колеса обеспечивают продолжительный срок службы насосной части и уменьшают вероятность заклинивания при перекачивании воды с механическими примесями. Насос оснащен двухжильным электрокабелем. Пусковой конденсатор и тепловое реле встроены в корпус насоса (для моделей ECO 0, ECO 1, ECO 2, ECO 2-xx, ECO 3, ECO 3-xx, ECO 4, ECO 4-xx, ECO 5-xx, ECO 6* (*-в зависимости от выпускаемой партии), что существенно облегчает установку и эксплуатацию насоса. В перекачиваемой жидкости не должны содержаться длинноволокнистые включения. Техническая информация Для моделей ECO 0, ECO 1, ECO 2, ECO 3, ECO 4, ECO 5, ECO 6, ECO 7, ECO 8 Параметры/модель ECO 0 ECO 1 ECO 2 ECO 3 ECO 4 ECO 5 ECO 6 ECO 7 ECO 8 Мощность, Вт 370 550 750 1100 1100 2200 1500 2200 2200 Потребляемый ток, А 3,4 4,2 5,5 6,0 7,0 17,0 11,0 17,0 17,0 Емкость конденсатора, мкФ 16 20 30 35 35 55 45 55 55 Номинальный ток теплового реле, А 5 6 8 10 17 25 20 25 25 Диаметр выходного (присоединительного) отверстия, дюйм 1?” 1?” 1?” Длина электрокабеля, м 10 20 30 40 50 1 1 1 1 Габаритные размеры, мм O96 х 695 O96 x 775 O96 х 865 O96 х 955 O96 х 1060 O96 х 1480 O96 х 1290 O96 х 1430 O96 х 1650 Для моделей ECO 2-34, ECO 2-56, ECO 2-73, ECO 2-89, ECO 2-100, ECO 2-112, ECO 2-157 Параметры/модель ECO 2-34 ECO 2-56 ECO 2-73 ECO 2-89 ECO 2-100 ECO 2-112 ECO 2-157 Мощность, кВт 0,37 0,55 0,75 0,9 1,1 1,5 2,2 Макс. напор, м 41 68 87 109 123 135 189 Макс. производительность, м3/ч (л/мин) 4,5 (75) Потребляемый ток, А 3 3,6 4,8 6,3 7,7 8,6 10,6 Емкость пускового конденсатора, мкФ 20 25 30 40 40 45 50 Диаметр выходного отверстия, дюйм 1,25 Длина электрокабеля, м 10 30 40 50 1 1 1 Тип, сечение кабеля, мм2 3?0,5 3?0,5 3?0,75 3?1,0 3?1,0 3?1,5 3?2,0 Габаритные размеры (макс. диаметр/длина), мм O98?676 O98?797 O98?893 O98?1030 O98?1100 O98?1175 O98?1463 Для моделей ECO 3-40, ECO 3-55, ECO 3-70, ECO 3-80, ECO 3-90, ECO 3-115 Параметры/модель ECO 3-40 ECO 3-55 ECO 3-70 ECO 3-80 ECO 3-90 ECO 3-115 Мощность, кВт 0,55 0,75 0,9 1,1 1,5 2,2 Макс. напор, м 61 83 105 120 135 173 Макс. производительность, м3/ч (л/мин) 5,8 (97) Потребляемый ток, А 3,6 4,8 6,3 7,7 8,6 10,6 Емкость пускового конденсатора, мкФ 25 30 40 40 45 50 Диаметр выходного отверстия, дюйм 1,25 Длина электрокабеля, м 20 30 40 50 1 1 Тип, сечение кабеля, мм2 3?0,5 3?0,75 3?1,0 3?1,0 3?1,5 3?2,0 Габаритные размеры (макс. диаметр/длина), мм O98?779 O98?888 O98?996 O98?1113 O98?1197 O98?1387 Для моделей ECO 4-45, ECO 4-56, ECO 4-66, ECO 4-76, ECO 4-104, ECO 4-142 Параметры/модель ECO 4-45 ECO 4-56 ECO 4-66 ECO 4-76 ECO 4-104 ECO 4-142 Мощность, кВт 0,75 0,9 1,1 1,5 2,2 3,0 Макс. напор, м 59 72 85 100 133 183 Макс. производительность, м3/ч (л/мин) 8(133) Потребляемый ток, А 4,8 6,3 7,7 8,6 10,6 15,6 Емкость пускового конденсатора, мкФ 30 40 40 45 50 80 Диаметр выходного отверстия, дюйм 1,25 Длина электрокабеля, м 20 30 40 50 1 1 Тип, сечение кабеля, мм2 3?0,75 3?1,0 3?1,0 3?1,5 3?2,0 3?2,5 Габаритные размеры (макс. диаметр/длина), мм O98?834 O98?954 O98?1032 O98?1117 O98?1312 O98?1710 Для моделей ECO 5-45, ECO 5-50, ECO 5-60, ECO 5-75, ECO 5-105 Параметры/модель ECO 5-45 ECO 5-50 ECO 5-60 ECO 5-75 ECO 5-105 Мощность, кВт 0,9 1,1 1,5 2,2 3 Макс. напор, м 57 63 76 96 134 Макс. производительность, м3/ч (л/мин) 9(150) Потребляемый ток, А 6,3 7,7 8,6 10,6 15,6 Емкость пускового конденсатора, мкФ 40 40 45 50 80 Диаметр выходного отверстия, дюйм 1,25 Длина электрокабеля, м 15 20 30 1 1 Тип, сечение кабеля, мм2 3?1,0 3?1,0 3?1,5 3?2,0 3?2, 5 Габаритные размеры (макс. диаметр/длина), мм O98?886 O98?977 O98?1069 O98?1214 O98?1570 Параметры электросети — ~ 220 ± 10%, 50Гц Диапазон рабочих температур воды — + 1… +35°С Максимальная глубина погружения от зеркала воды, м — 20 (для моделей ECO-0, ECO-1, ECO-2, ECO-3, ECO-4) Максимальная глубина погружения от зеркала воды, м — 60 (для моделей ECO 2-xx, ECO 3-xx, ECO 4-xx, ECO 5-xx) Максимальная глубина погружения от зеркала воды, м — 80 (для моделей ECO-5, ECO-6, ECO-7, ECO-8) Общее количество механических примесей во взвеси — не более 100 г/м? Расшифровка маркировки модели Первая цифра обозначает номинальную производительность (м3/ч), вторые две цифры — номинальный напор (м). Например, насос ECO 2-34: 2 — номинальная производительность, м3/ч. 34 — номинальный напор, м. Напорно-расходные характеристики Для моделей ECO 0, ECO 1, ECO 2, ECO 3, ECO 4, ECO 5, ECO 6, ECO 7, ECO 8 Модель Р, (кВт) Производительность Q, м3/час 0 0.6 1.2 1.8 2.4 3.0 3.6 4.2 4.8 5.4 6.0 7.0 Q, л/мин 0 10 20 30 40 50 60 70 80 90 100 117 ЕСО 0 0.37 Напор, Н (м) 35 32 30 27 24 19 15 11 5 3 – – ЕСО 1 0.55 52 49 46 44 36 29 23 17 10 4 – – ЕСО 2 0.75 60 55 50 47 40 33 30 23 14 10 – – ЕСО 3 1.1 85 82 76 71 62 54 42 31 16 12 – – ЕСО 4 1.1 100 98 94 90 85 79 65 58 40 34 – – ЕСО 5 2.2 121 118 117 112 108 105 103 99 90 80 70 48 ЕСО 6 1.5 148 146 141 136 130 120 110 83 47 30 – – ЕСО 7 2.2 149 143 140 138 134 127 120 115 110 92 62 – ЕСО 8 2.2 200 195 190 185 170 150 117 113 80 65 – – * — приведенные данные по максимальному напору и производительности справедливы при нулевой глубине всасывания и напряжении электрической сети 220В±10%. Для моделей ECO 2-34, ECO 2-56, ECO 2-73, ECO 2-89, ECO 2-100, ECO 2-112, ECO 2-157 Модель Производительность Q, м3/час 0 1 1,5 2 2,5 3 4,5 Q, л/мин 0 17 25 33 42 50 75 ECO 2-34 Напор, Н (м) 41 40 37 34 29 22 6 ECO 2-56 68 66 63 56 48 36 8 ECO 2-73 87 86 82 73 63 47 9 ECO 2-89 109 106 99 89 77 57 11 ECO 2-100 123 120 111 100 87 64 12 ECO 2-112 135 133 125 112 96 72 13 ECO 2-157 189 186 175 157 134 101 16 * — приведенные данные по максимальному напору и производительности справедливы при нулевой глубине всасывания и напряжении электрической сети 220В±10%. Для моделей ECO 3-40, ECO 3-55, ECO 3-70, ECO 3-80, ECO 3-90, ECO 3-115 Модель Производительность Q, м3/час 0 2 2,5 3 3,5 4 5 5,8 Q, л/мин 0 33 42 50 58 67 83 97 ECO 3-40 Напор, Н (м) 61 50 46 40 37 25 7 2 ECO 3-55 83 68 62 55 50 35 10 4 ECO 3-70 105 88 79 70 64 56 29 6 ECO 3-80 120 101 90 80 73 64 33 6 ECO 3-90 135 113 102 90 82 73 38 8 ECO 3-115 173 143 131 115 105 91 44 8 * — приведенные данные по максимальному напору и производительности справедливы при нулевой глубине всасывания и напряжении электрической сети 220В±10%. Для моделей ECO 4-45, ECO 4-56, ECO 4-66, ECO 4-76, ECO 4-104, ECO 4-142 Модель Производительность Q, м3/час 0 1 2 3 3,5 4 4,5 5 6 7 8 Q, л/мин 0 17 33 50 58 67 75 83 100 117 133 ECO 4-45 Напор, Н (м) 59 59 56 51 50 45 43 38 28 19 1 ECO 4-56 72 72 67 62 59 56 52 47 36 22 1 ECO 4-66 85 85 79 73 70 66 61 55 43 26 1 ECO 4-76 100 99 90 84 81 76 71 64 48 30 3 ECO 4-104 133 133 126 116 111 104 98 88 69 45 5 ECO 4-142 183 183 173 158 150 142 130 120 92 57 6 * — приведенные данные по максимальному напору и производительности справедливы при нулевой глубине всасывания и напряжении электрической сети 220В±10%. Для моделей ECO 5-45, ECO 5-50, ECO 5-60, ECO 5-75, ECO 5-105 Модель Производительность Q, м3/час 0 3 4 5 6 8 9 Q, л/мин 0 50 67 83 100 133 150 ECO 5-45 Напор, Н (м) 57 55 52 45 39 16 8 ECO 5-50 63 61 58 50 43 18 9 ECO 5-60 76 73 70 60 52 22 9 ECO 5-75 96 91 87 75 66 27 10 ECO 5-105 134 128 122 105 92 38 12 * — приведенные данные по максимальному напору и производительности справедливы при нулевой глубине всасывания и напряжении электрической сети 220В±10%. – Насос погружной скважинный UNIPUMP ECO 0.
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