@StartingOver10 wrote:If you are looking for a high LTV the lender will be intrusive. Generally the lender only looks at alternative credit items like utilites if you don't have enough tradelines on your credit report.
How many tradelines do you have and what are your scores?
If you are paying all of your bills late , it sounds like you need to get on a budget first before you consider purchasing a home.
Oh ok, thanks
So I looked up LTV and it means Loan To Value? So I think it would be 100% since I want to buy a condo with no downpayment which is allowed in the VA Loan
When my scores were pulled in May of this year by a lender they were 599 for both equifax and experian and 670 for transunion and I need a 620 for the VA loan. My Myfico scores which are fico 9 so dont really count are 614, 625, 625 and I'm using close to 80-90% of my credit, so im very sure if I find a way to pay it down to 20% or so ill ht the 620 mark of the mortage lender scoring
My tradelines I think are ok and diverse, I have about 5 creditcards, fingerhut and deferred student loans, 1 installement loan, paid off car loan and a few paid off collections, ive been in the same apt for 10 years. The only thing is that my credit is pretty young, i have one credit card from 2005 the rest of them or 2-5 years old
yeah I agree, i need to start budgeting 
i fell into the payday loan trap but paying off my car loan and getting cheaper insurance freed up a lot of money
I don't mean to sound rude but I am going to have to agree with StartingOver that you have some work to do to be in a position that you should be considering a mortgage. First to answer your question about intrusiveness all mortgage lenders will be "intrusive" this is not to make your life hard or to just be intrusive but to allow for the lender to ensure they are going to be lending the money with a strong confidence that they will get it back.
prior to the housing bubble bursting mortgages were being handed out like candy. This was a large contribution to the whole problem. Lesson learned that the requirements and regulations got tighter (sometimes maybe to tight) but even though they are lessening a bit a lender is going to be much more careful who they lend to.
Put yourself in the lenders shoes. if you were going to lend a large amount of money you would want to be sure that the person you are giving it to is going to give it back. And the only way they have to do this is by looking at the borrowers past behaviors.
Now to address the other issues. You stated that a lender pulled your scores in May. They should have been able to tell you exactly what you can/should do to improve your report and score.
So my reccomendation is work on rebuilding and and simply cleaning up your report. Also prove to yourself you can handle a motgage and pay all your bills ontime and pay down the credit owing. One thing to note is although a house payment can be less then rent (with intereste rates so low) other costs of a home have to be considered when planning. deposits for services (gas, electric, water, sanitation, cable, phone, internet, security (if you use it)) basical start up items that everyhome owne should have like ( ladder, basica tools, change lock (always good for safety), etc...). So a 100% loan may save on the downpayment there are many other things that are needed when buyng a home and if these items have't been budgeted or planned for can be a shock.
OK I have posted more then my 2 cents worth. That aside being elgible for VA means you have served our country and I want to say THANK YOU being from a military family I have very high respect and appreciation for our veterans.
I applied last week for a mortgage. I was asked to provide canceled rent checks or a statement from the landlord that my rent was on time. I have a client who did not pay her rent in the final stages of underwriting and the landlord verification came back negative and she was denied.
Current Score: TU: 674 | EQ: 722 | EX: 717 | Last Inq. 2/16/15...Locked Up in The Garden
@TimeToRecover wrote:I don't mean to sound rude but I am going to have to agree with StartingOver that you have some work to do to be in a position that you should be considering a mortgage. First to answer your question about intrusiveness all mortgage lenders will be "intrusive" this is not to make your life hard or to just be intrusive but to allow for the lender to ensure they are going to be lending the money with a strong confidence that they will get it back.
prior to the housing bubble bursting mortgages were being handed out like candy. This was a large contribution to the whole problem. Lesson learned that the requirements and regulations got tighter (sometimes maybe to tight) but even though they are lessening a bit a lender is going to be much more careful who they lend to.
Put yourself in the lenders shoes. if you were going to lend a large amount of money you would want to be sure that the person you are giving it to is going to give it back. And the only way they have to do this is by looking at the borrowers past behaviors.
Now to address the other issues. You stated that a lender pulled your scores in May. They should have been able to tell you exactly what you can/should do to improve your report and score.
So my reccomendation is work on rebuilding and and simply cleaning up your report. Also prove to yourself you can handle a motgage and pay all your bills ontime and pay down the credit owing. One thing to note is although a house payment can be less then rent (with intereste rates so low) other costs of a home have to be considered when planning. deposits for services (gas, electric, water, sanitation, cable, phone, internet, security (if you use it)) basical start up items that everyhome owne should have like ( ladder, basica tools, change lock (always good for safety), etc...). So a 100% loan may save on the downpayment there are many other things that are needed when buyng a home and if these items have't been budgeted or planned for can be a shock.
OK I have posted more then my 2 cents worth. That aside being elgible for VA means you have served our country and I want to say THANK YOU being from a military family I have very high respect and appreciation for our veterans.
Excellent post!
