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HOW TO PURCHASE YOUR "DREAM HOME" WITH NO CREDIT CHECK
Part 2
HOW A DREAM HOME CAN BE PURCHASED WITHOUT A CREDIT CHECK
The Vererans Administration(VA) and the Federal Housing Administration (FHA), a division of
Housing and Urban Development (HUD) have been encouraging and promoting home ownership through
their agencies for years. When people are denied a home loan by a bank or other lending institution,
FHA will insure a home mortgage loan by giving the lending institution a 100% guarantee against
any losses that may be incurred if the buyer does not repay the loan. Another benefit of getting
a FHA loan is that the interest rates are usually lower than the standard bank rates for home
mortages.
The VA will also guarantee a home loan up to 100%, which also allows a buyer to receive a
home loan through a bank or other lender. A credit check is required on the "original"
buyer of the home, but here's the loophole!
While it is true that from March 1, 1988 onward, all asumbble VA loans require credit
approval, the good news is that these changes in credit check approval only apply to those loans
that were made "after March, 1988," ALL VA LOANS MADE BEFORE MARCH 1988 ARE STILL
ASSUMABLE BY ANYONE REGARDLESS OF THEIR CREDIT!
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