Bad Credit VA Home Loans: What Next After Getting This
One thing has been proven by studies and research worldwide: after people get what they were after and desire wanes, there is high chance they will slacken off in whatever they were doing; regardless of how beneficial. Picture this; you work very hard at work to get that promotion you so desired, will you continue to work as hard after getting the job? Therein lays the problem. You have worked hard and managed to get access to bad credit VA home loans from a willing lender, what next?
Do not take on new debt. Do not co-sign or undertake refinancing any note. You may be hard pressed considering part of your income will go to servicing the VA loan but do not succumb to new debts. The best way to avoid this pitfall is to properly plan and organize your financial situation prior to looking for bad credit VA home loans. This way, you will be able to alleviate the pressure of taking on new debt. If you take on new debt, your debt income ratio may be affected. Ultimately, you may lose the opportunity to get the home chosen or cause unnecessary delays in the loan process. If taking on debt becomes necessary, make sure you consult your loan officer first.
Sort your bills
This includes your mortgage payments. Be careful not to fail to pay your bills. Make sure all your financial obligations are taken care of on time. Otherwise, the lender becomes uneasy and anxious. Again, this points to the importance of thinking your financial status through before going to get any loan.
After you are under contract, do not shift banks unnecessarily. It paints you in a bad picture and increases the paper workload for you as well as the lender. The same goes for jobs. You should not change jobs unnecessarily otherwise there may some financing process delays. Moving money around is also not a good idea. Try to maintain stability in your finances during this period. Do not lose your focus.
Credit card limits
Be careful with credit card limits. You should make sure your credit cards payment is made in time and that you have no overdrafts. Lack of care may result in undue stress on you, your finances and the lender too.
By all means you should continue maintaining all the good financial practices you put in place to bump up your credit when looking to access bad credit VA home loans. Only take on small debts that you can handle. Be aware not to fall back into poor financial practices if they were a weakness you had to take care of to improve your score. It will do you much good.