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LO advise needed ASAP. VA Home Loan

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Anonymous
Not applicable

LO advise needed ASAP. VA Home Loan

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. 

Message 1 of 12
11 REPLIES 11
Zorasmiles
Established Contributor

Re: Would I qualify? for a VA Home Loan


@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.

 

 

FICO scores are your calling card to the business world. Build a negative reputation and those doors are hard to open, find that perfect balance of credit responsibility and those doors open when you desire them.
Message 2 of 12
Anonymous
Not applicable

Re: Would I qualify? for a VA Home Loan

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.

Message 3 of 12
Anonymous
Not applicable

Re: Would I qualify? for a VA Home Loan

New Score Update

Experian - 678

Equifax- 705

Transunion - 672

August 14, 2014 

Message 4 of 12
ShanetheMortgageMan
Super Contributor

Re: Would I qualify? for a VA Home Loan

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.

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 5 of 12
Anonymous
Not applicable

Re: LO advise needed ASAP. VA Home Loan

Thanks for the response. I wrote an LOE plus included my orders which placed me overseas for an exercise although I had been on Active duty. chase denied my credit inquiry to admend my credit report.
Message 6 of 12
Anonymous
Not applicable

Re: LO advise needed ASAP. VA Home Loan

My next plan is for Lexington law to send escalation letter to Chase.
Message 7 of 12
Anonymous
Not applicable

Re: LO advise needed ASAP. VA Home Loan

If I am not approved then I will just wait until march 2015, however we would not be able to live in the home and close until feb. 2015.

If not approved I may buy a tesla
Message 8 of 12
Zorasmiles
Established Contributor

Re: LO advise needed ASAP. VA Home Loan


@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.

FICO scores are your calling card to the business world. Build a negative reputation and those doors are hard to open, find that perfect balance of credit responsibility and those doors open when you desire them.
Message 9 of 12
Anonymous
Not applicable

Re: LO advise needed ASAP. VA Home Loan

Thanks I'll definitely take a look.

I was told by a VA underwriter that I would need to wait until the 12 months has elapsed since my last late payment.

I am waiting a response from Access Capital Group via lending tree. Has anyone ever heard of them?

Thanks!
Hope everyone is having a great weekend
Message 10 of 12
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