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Preparing to apply for VA loan

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Anonymous
Not applicable

Preparing to apply for VA loan

My wife and I are new to the mortgage process, would like to apply for a VA loan a year from now.  As of now, I'm doing my best to clean up my report and bring my scores up and hers, as well.  We're both in our thirties, from Texas and want to move to cooler climes (service-connected heat intolerance). What can we do to ready ourselves now and make the process less harrowing?

9 REPLIES 9
VALoanMaster
Valued Contributor

Re: Preparing to apply for VA loan


@Anonymous wrote:

My wife and I are new to the mortgage process, would like to apply for a VA loan a year from now.  As of now, I'm doing my best to clean up my report and bring my scores up and hers, as well.  We're both in our thirties, from Texas and want to move to cooler climes (service-connected heat intolerance). What can we do to ready ourselves now and make the process less harrowing?


Hi Branch Boss,

 

You can do one of two things.

 

1) educate yourself as much as possible by reading up on the VA underwriting guidelines & read posts here on the forum to see how the process went for other people.

2) Find a lender who specializes in VA mortgages that will take the time to educate you about the process & who's willing to help you get your scores where they need to be.

 

The sooner you talk to a lender the better.

 

 

VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
Message 2 of 10
Anonymous
Not applicable

Re: Preparing to apply for VA loan

As Loanmaster says 1 or 2. Personally I'm doing both. I'm in the same boat as you, repairing. I monitor this forum daily across all the boards. Also, I'm working with a lender through their program. They require that Charge Offs be under 5k, all open collections settled and a score of 620 with our situation. We tried one that was a 560 minimum because we became impatient and I will tell you that my experience wasn't worth the heartbreak or the trouble. In 6 months we are close...very close. Be patient and follow the advise provided here. It won't just help you qualify for a mortgage but change your entire perspective of finance.
Message 3 of 10
VALoanMaster
Valued Contributor

Re: Preparing to apply for VA loan


@Anonymous wrote:
As Loanmaster says 1 or 2. Personally I'm doing both. I'm in the same boat as you, repairing. I monitor this forum daily across all the boards. Also, I'm working with a lender through their program. They require that Charge Offs be under 5k, all open collections settled and a score of 620 with our situation. We tried one that was a 560 minimum because we became impatient and I will tell you that my experience wasn't worth the heartbreak or the trouble. In 6 months we are close...very close. Be patient and follow the advise provided here. It won't just help you qualify for a mortgage but change your entire perspective of finance.

Wow that's a painful lender overlay!

VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
Message 4 of 10
Anonymous
Not applicable

Re: Preparing to apply for VA loan

Is it? We haven't shopped around much other than the one I mentioned. Are there other alternatives? We want to get this thing moving but we want it done right too.
Message 5 of 10
VALoanMaster
Valued Contributor

Re: Preparing to apply for VA loan


@Anonymous wrote:
Is it? We haven't shopped around much other than the one I mentioned. Are there other alternatives? We want to get this thing moving but we want it done right too.

Yeah it is, Yes there are other alternatives.

I can PM you if you want.

VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
Message 6 of 10
Anonymous
Not applicable

Re: Preparing to apply for VA loan

Yes, please and thank you!
Message 7 of 10
Shawn_L
Established Member

Re: Preparing to apply for VA loan

May I get that contact info as well?  Thanks in advance.

Message 8 of 10
Anonymous
Not applicable

Re: Preparing to apply for VA loan

I'd like that contact info, too, please..I'm hoping to be ready to apply for a VA loan by December..

Message 9 of 10
MauiMan85297
Established Contributor

Re: Preparing to apply for VA loan

My spouse had a $4500 open collection from an apartment place and had to go on VA loan because of the state we live in (AZ) and combined MMS was 670 and they didn't even bring up the collection at all as well as a $750 Chase CC charge off from spouse.  Your LO or UW would tell you what their company would need taken care of but like VAMaster says it's strict overlays from that said company.



Message 10 of 10
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