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I had an old VA GI Bill payment I had to pay back because I went to school, finished the class, but couldn't complete the externship because I would have had to quit my job and wouldn't get paid for a whole month.
So, I had to repay my GI Bill back. Well, I couldn't at the time, however, I just paid it off in January 2009. Now, I have a lender telling me even though it's paid, I still can't get any government loan. Is this true? Because I was delinquent on a government payment I can never get a house? This doesn't seem to make sense.
He said he is going to check on the time frames or any exceptions.
Can any loan officers here tell me if this is true??
Thanks!
I am not finding an answer for you. Try contacting the counselors and see if they can help.
To obtain help from a VA financial counselor, veterans can call VA toll-free at 1-877-827-3702. Information about VA’s home loan guaranty program can be obtained at www.homeloans.va.gov
We are finally homeowners!!
Closed May 5th-30 yr fixed at 5.25%.
Thanks for all of your responses.
Wow. You would think they would send me a Certificate of Eligibility if I couldn't get a VA loan.
My lender said I may not be able to get any government loan, VA or FHA.
This really blows. I'm so ready to buy a house and have been fixing my credit and now I can't get one.
@musikklvr wrote:Thanks for all of your responses.
Wow. You would think they would send me a Certificate of Eligibility if I couldn't get a VA loan.
My lender said I may not be able to get any government loan, VA or FHA.
This really blows. I'm so ready to buy a house and have been fixing my credit and now I can't get one.
is your lender a certified VA home loan lender?? if not, you may not be getting the correct info.
i dont know the specifics of your government debt, however i myself had an overpayment of GI bill, which i had to pay back and still remains on my credit report. this was paid less then 12 months ago, i also owed the government for a defaulted joint account through military star card (affes) and they garnished my taxes last year. this collection account is on my report, but the tax lein isnt. the point is i am currently enjoying my new home that was purchased on a va loan program.
go to VA.gov and look under va home loans for all the provisions, if you still have questions PLEASE call the va, they are happy to help you. don't count yourself out just yet...i bet there is still help for you
Thanks for the encouragement navywendy!!
I am going to see what other lenders have to say about it as well.
I will check out the site and call like you and another poster recommended.
short answer = not true
long answer = while that isn't necessarily true, it may still kill the deal.
lots of factors: how long did it go unpaid? what does other credit look like
He told me it needed to be paid for 12 months.
My credit:
Cap one: $2012, Date of last activity 4/2002. Scheduled to come off report in April. Started reporting again in Oct 2008
Asset Acceptance: $1,329, DOLA 11/2002. Scheduled to come off in Nov. Started reporting as new in February and now states submitted to collections 2/2009. Which is a lie. This has always been on my report under the same collection company and was scheduled to come off in Nov.
Midland Mgmt: $1142, DOLA 11/2002. Scheduled to come off in Nov. Started reporting in February and now states submitted to collections 2/2009. Another Lie. This has always been on my report under the same collection company.
US Dept of VA: $383 balance was $1413, Paid 1/2009, Hasn't updated on credit report as Paid in Full yet. This is the one that the lender said have to be paid for a total of 12 months.
Southern States Credit: $92. Submitted to collections 10/2005
Two Sallie Maes: On Myfico showing $0 balance, Acct. Transferred. I'm paying this currently through ACS/Suntrust which is current.
All other baddies were paid but still showing the collections.