VA Loans and Credit Inquiries

This caller has been looking for a home for several years and is a retired US Marine. His credit union told him he should go through the VA instead of applying with them because every time his credit score gets a hit through an investigation he loses points. He asks Robert Palmer for advice.

First of all, VA does not make loans directly; they only make loans through approved lenders. RP Funding is one of those lenders; a lot of credit unions are not. There is a pretty lengthy approval process with the VA because they want to make sure the lender is doing right by the veteran. RP Funding offers VA loans, FHA loans, and USDA loans. You donâ??t have to choose between picking a great affordable lender or the VA, you just go through an affordable lender like RP Funding to obtain your VA loan. VA Loans are the best deal possible if you have eligibility. As far as hurting your credit score, you can have multiple credit inquiries in a 5 day period on auto loans and mortgages because the credit companies understand that a smart consumer wants to shop around. You credit score gets hurt when you are applying for multiple credit cards which will increase your debt.