No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Good Evening
I am currently awaiting a decision for Manual Underwriting for a VA Home Loan.
Credit - myfico - 672/662/645
153.4k/year Source of income
$12,784/monthly
We're both employed and on salary. Active Duty Officer 15 years.
Monthly debt payments - Auto pmt $1000, No credit card debt
Personal Loan monthly $405
Employment - W-2, both long term employment in current job
Assets/Reserves - 401k $25k.
Selling our home Property. Condo. Net Proceeds - $40k in Value
Total loan would be $525k at 4%.
Projected Mortgage - $3196.02
Credit
Late Mortgage payment Jan14 - 60 day Feb14 30 day Mar14 60 (in dispute)
No credt card debt
Installement Loan
2- $405/monthly Can be paid within 6 months.
Positives:
Since March 2014 I have paid in full the following accounts:
Kay Jewelers – Balance- $0 Credit Limit - $2600 - Open/Never Late
Military Star – Balance - $0 Credit Limit - $3300 – Open/ Never Late
Navy Federal - Credit Card - Bal- $0 Credit Limit- $10k – Open/Never Late
Navy Federal - Personal Loan Bal- $0 Limit- $4k – Paid, Closed/Never Late
USAA -Unsecured -Loan Balance - $0 Limit- $25k – Paid, Closed/Never Late
USAA -Credit -Card Balance - $0 Credit Limit - $1500 Open/Never Late
SYNCB/Ashley Home St Revolving Balance- $0 Credit Limit - $2k Open/Never Late
Projected Total Monthly Debts
$4505.02 (Including New Mortgage Monthly Payment)
Divided by
$12,784 (Gross Monthly Income)
=35% Debt to Income Ratio
Hoping to hear thoughts, comments, and suggestions.
I hope we have a shot. Thanks for the feedback.
@Anonymous wrote:Good Evening
I am currently awaiting a decision for Manual Underwriting for a VA Home Loan.
Credit - myfico - 672/662/645
153.4k/year Source of income
$12,784/monthly
We're both employed and on salary. Active Duty Officer 15 years.
Monthly debt payments - Auto pmt $1000, No credit card debt
Personal Loan monthly $405
Employment - W-2, both long term employment in current job
Assets/Reserves - 401k $25k.
Selling our home Property. Condo. Net Proceeds - $40k in Value
Total loan would be $525k at 4%.
Projected Mortgage - $3196.02
Credit
Late Mortgage payment Jan14 - 60 day Feb14 30 day Mar14 60 (in dispute)
No credt card debt
Positives:
Since March 2014 I have paid in full the following accounts:
Kay Jewelers – Balance- $0 Credit Limit - $2600 - Open/Never Late
Military Star – Balance - $0 Credit Limit - $3300 – Open/ Never Late
Navy Federal - Credit Card - Bal- $0 Credit Limit- $10k – Open/Never Late
Navy Federal - Personal Loan Bal- $0 Limit- $4k – Paid, Closed/Never Late
USAA -Unsecured -Loan Balance - $0 Limit- $25k – Paid, Closed/Never Late
USAA -Credit -Card Balance - $0 Credit Limit - $1500 Open/Never Late
SYNCB/Ashley Home St Revolving Balance- $0 Credit Limit - $2k Open/Never Late
Projected Total Monthly Debts
$4505.02 (Including New Mortgage Monthly Payment)
Divided by
$12,784 (Gross Monthly Income)
=35% Debt to Income Ratio
I hope we have a shot. Thanks for the feedback.
Credit scores might help others to chime in. Will your new home loan be covered by the maximum VA loan guaranty for your area? So far, the only issues I can see without the other information requested would be your recent late payments, especially red flags for the 60 days and of course consecutive months in a row being late. Did you enter into an agreement after falling behind that would explain the late payments? Through research, speaking with mortgage loan officers and this very informative forum--having lates within the last year could hurt your chances but may be explained in manual underwriting. There are quite a few mortgage experts who will chime in so take what I say with a grain of salt until they swoop in and reply. Good luck.
Thanks for the reply. Yes I would sell my current home which is under VA and use my full guaranty for the purchase of our next home. I am attempting to provide Goodwill letters and orders for an exercise I was on that took place overseas(even though I've been on Active Duty prior to my loan being approved in 2013(refi). There has been no agreement with Chase. I did notice that having lates within the last year can hurt our chances, but I am hoping a lender (any lender) would be willing to let me explain. Every account is paid on time and on auto pay. I hope to hear from more people and thank everyone well in advance for there comments and suggestions.
New Score Update
Experian - 678
Equifax- 705
Transunion - 672
August 14, 2014
Pretty decent scores considering those mortgage lates. If it was just one 30 day mortgage late in the past 12 months, I'd say your chances would be really good. With two 30 day mortgage lates, it's possible but would be a bit tougher... and considering you also have the 60 day mortgage late on top of the two 30 days, it's going to be a challenge. Did your LO have you write a detailed letter of explanation regarding the reasons why the mortgage was late? It's going to play an integral part of you being able to get approved.
@Anonymous wrote:
My next plan is for Lexington law to send escalation letter to Chase.
There is a thread on Lexington Law (well a couple) you might want to read. The one I'm referring to is by a former employee who provides some insight into their business practice. Good luck.