Mortgage Loans

[vabound]

I posted last week about applying for a va loan.....yesterday, my husband and I were Pre-approved for $225k at 3.57%. We start viewing homes Friday! When we first contacted our LO in march my scores were TU513/EXP 513/EQ 458 (lender pull). As of yesterday my scores are TU690/EXP598/EQ639 (lender pull). My TU and EQ we're both lower at this site. Well....our journey to home ownership begins!

[sbeasl11]

Congrats! I am here researching for that very purpose. We hope to obtain a VA loan by next fall. They will use his score since he is the veteran...right? I would be very interested to know what you focused on in the rebuild/clean up process. Great job moving your scores so much.

[TTR79]

Congrats.keep us posted.

[vabound]

If both of you are going to be on the loan, your scores will be considered. I am not sure what happens if the loan is only in his name. Marriage=community prop which means you would be on the deed so.....ask a LO. I paid off some old debts including my car note, and disputed a lot of stuff. some was inaccurate and some wasn't but if the creditor takes longer than 30 days to respond the acct is removed by the credit bureau. I also got 2 credit cards and I got student loans (I'm in grad school) the loans, which are in deferment until 2016 actually helped my credit. I piggy backed off of my moms credit card but that only reports to experian. lastly, I was determined and prayerful!!!!

[lsjohns00]

Hello,

I will be trying for a VA loan close to the end of the year. I was wondering if they only look at the midscore report or if they merge all the information positive and negative on all reports? Just trying to get a head start on what to expect.

[lsjohns00]

One last thing, did you have any negative items remaining when you applied?

[Shogun]

Best of luck to you.  Happy house hunting!

[vabound]

Our LO used our mid scores.  I have two collections both of which are being reported incorrectly on one report.  That was my lowest score so it didn't matter.  I will, however have those accts removed before underwriting.  Other than that all of my negative stuff is old and at a 0 balance.

[Elcid89]

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lsjohns00 wrote:

Hello,

I will be trying for a VA loan close to the end of the year. I was wondering if they only look at the midscore report or if they merge all the information positive and negative on all reports? Just trying to get a head start on what to expect.

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They typically pull all three reports and use the middle score for qualifying. They'll want explanations for any baddies from any of the three reports though.

[lsjohns00]

Thanks for the information! My mid score will be above 620 when I apply but I still have unpaid negative items on my report. I have an unpaid repo from 2009 that my ex was suppose to take over financial responsibility for per our divorce. I also have a charge off private student loan from 2007. Other than that I have been paying bills on time.