Quest for a VA Loan on manufactured home in June 2015

[Anonymous]

You can find our full story over in rebuilding: http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Our-Rebuild-Journey/td-p/3862543

But for the basics, we've battled back from financial hell and will be applying for a VA loan in late May or early June.  We've already had a lender pull our combine report and scores (in early February) and tell us that we're good if we get to at least a low-middle of 580, but he'd like to see us above 620.  We are actively disputing a much of this has fallen off some reports but not all three, it hasn't been 30 days on the first round of some of the disputes.  I will update this mess as things come off.  Lots of duplicates and as you can see, 2011 was BRUTAL for us.  I'd appreciate any advice, insight or WWYDs from those that have gone the VA or manufactured-home routes.  We were sad that USAA does not offer the type of loan we need since our banking is all with them.  

Scores, from myFico:
Me - 569 / 586 / 598 (mortgage 581/603/614)
Spouse - 554 / 600 / 585 (mortgage 534/587/606)

Credit negs:
Civil judgement - filed 5/09, satisfied (joint)

Civil judgement - filed 7/09, satisfied (spouse)

Civil judgement - filed 7/10, satisfied (joint)

Tax lien- filed 1/12, released (self) - this never should have been, it was a reporting mistake cleared witht he DOR but still shows like this
Collections (DLA) - medicredit (9/11 - spouse), Midland Funding (10/08 - spouse, B of A), medicredit (08/11 - sp), Asset Acceptance (09/08 - sp, Citibank), Caine & Weiner (08/11 - self, Ashford Univ), medicredit (08/11 - sp), N/A (08/11 - sp), Midland Funding, (10/08 - sp, Cap One), KS Counselors (07/13 - sp), NW Financial (8/11 - sp), N/A (03/09 - sp), NW Finanical (01/11 - sp), NW Financial (08/11 - sp), N/A (07/12 - sp), Enhanced Recovery (06/08 - sp, Sprint), Berlin Wheeler (6/10 - self), Medicredit (06/11 - sp), N/A (04/12 - sp), N/A (05/11, sp), Credi Coll (02/14 - self), Medicredit (07/11 - sp), N/A (08/11 - joint), Medicredit (07/11 - sp), Medicredit (06/11 - sp), KS Counselors (04/12 - self)

Paid Collections - US Dept of Vets (02/12), US Vet Adm (06/10) - spouse

Charge Offs (DLA) - Ally (9/10 - spouse, balance from repo), First Premier Bank (08/08, self)

Student Loan (self, opened 2/06, 4/09 x2, 10/09 x2, 5/10 - closed 9/14) - all 60+ 3/11, 90 + 4/11, 120+ 5-7/2011

Auto Loan  - Open 07/06, Closed 11/09 - 30+ 1/09, 60+ 7-9/09 (spouse)

Hard inquiries - 9 self, 6 spouse

Credit pos:
Student loan (x3) - Open 10/08, Closed 9/14 (self)

Student loan (x3) - Open 10/13, Closed 9/14 (self)

Student loan - Open 02/06, Closed 11/10 (self)

Student loan - Open 5/10, Closed 12/10 (self)

Auto Loan - Open 08/06, Closed 02/07 (self)

Current debt:

Student loan (x2)- Open 09/14, As agreed, no lates (self only) - balances $18319, $13982 - combined payment $55.59/m

Student Loans (x3) - Open 02/10, Current was 90+ June 2011, 120+ July-Dec 2011, perfect before and since, balances <$3k total - combined payment $50/m
USAA Secured Card - $450 limit, usage $419. Monthly min. $15 (self, spouse is AU) - longest card opened 06/2012

Cap One Card - $500 limit, usage $249, monthly min $25 (self)

Kohls Card - $300 limit, usuage $292, monthly min $25 (self, sp AU)

Cap One Card - $300 limit, usage $148, monthly min $25 (spouse)

Old Navy Card - $200 limit, usage $150, monthly min $25 (self, sp AU)

Gap Card - $200 limit, usage $130, monthly min $25 (self, sp AU)
Cap One Card - $500 limit, usage $0 (self) - not reporting yet

Cap One Card - $500 limit, usage $0 (spouse) - not reporting yet

Credit One Card - $400 limit, usage $0 (self) - not reporting yet

Credit One Card - $400 limit, usage $0 (spouse) - not reporting yet

*We pay $323.24/m for our van, but it's paid to FIL b/c loan is in his name - we've made this payment for 2 years

Income: (spouse only, 3.5 years at current FT job, 6 years industry incl military same line of work, I'm a SAHM with a hobby income only)

2012 employment - $41,396 + E5 reservist pay

2013 employment - $63,594 + E5 reservist pay
2014 employment - $62,223 + E5 reservist pay

current salary $70,057/yr
VA benefits - $827/m

Savings:
401(k) $13,285 ($11,389 is vested) - spouse

Location:
Oakland County, MI

Property:
New Manufactured Home, no land. Must meet VA minimums.

Value: $95,000 max

Occupancy: Primary residence

Transaction Type: 1st time buyer. Will be a 30-fixed VA mortgage, not liable for VA funding fee.

[StartingOver10]

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@Anonymous wrote:

You can find our full story over in rebuilding: http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Our-Rebuild-Journey/td-p/3862543

But for the basics, we've battled back from financial hell and will be applying for a VA loan in late May or early June.  We've already had a lender pull our combine report and scores (in early February) and tell us that we're good if we get to at least a low-middle of 580, but he'd like to see us above 620.  We are actively disputing a much of this has fallen off some reports but not all three, it hasn't been 30 days on the first round of some of the disputes.  I will update this mess as things come off.  Lots of duplicates and as you can see, 2011 was BRUTAL for us.  I'd appreciate any advice, insight or WWYDs from those that have gone the VA or manufactured-home routes.  We were sad that USAA does not offer the type of loan we need since our banking is all with them.  

Scores, from myFico:
Me - 569 / 586 / 598 (mortgage 581/603/614)
Spouse - 554 / 600 / 585 (mortgage 534/587/606)

.......*deleted some info to respond*

Credit pos:
Student loan (x3) - Open 10/08, Closed 9/14 (self)

Student loan (x3) - Open 10/13, Closed 9/14 (self)

Student loan - Open 02/06, Closed 11/10 (self)

Student loan - Open 5/10, Closed 12/10 (self)

Auto Loan - Open 08/06, Closed 02/07 (self)

Current debt:

Student loan (x2)- Open 09/14, As agreed, no lates (self only) - balances $18319, $13982 - combined payment $55.59/m

Student Loans (x3) - Open 02/10, Current was 90+ June 2011, 120+ July-Dec 2011, perfect before and since, balances <$3k total - combined payment $50/m
USAA Secured Card - $450 limit, usage $419. Monthly min. $15 (self, spouse is AU) - longest card opened 06/2012

Cap One Card - $500 limit, usage $249, monthly min $25 (self)

Kohls Card - $300 limit, usuage $292, monthly min $25 (self, sp AU)

Cap One Card - $300 limit, usage $148, monthly min $25 (spouse)

Old Navy Card - $200 limit, usage $150, monthly min $25 (self, sp AU)

Gap Card - $200 limit, usage $130, monthly min $25 (self, sp AU)
Cap One Card - $500 limit, usage $0 (self) - not reporting yet

Cap One Card - $500 limit, usage $0 (spouse) - not reporting yet

Credit One Card - $400 limit, usage $0 (self) - not reporting yet

Credit One Card - $400 limit, usage $0 (spouse) - not reporting yet

*We pay $323.24/m for our van, but it's paid to FIL b/c loan is in his name - we've made this payment for 2 years

Income: (spouse only, 3.5 years at current FT job, 6 years industry incl military same line of work, I'm a SAHM with a hobby income only)

2012 employment - $41,396 + E5 reservist pay

2013 employment - $63,594 + E5 reservist pay
2014 employment - $62,223 + E5 reservist pay

current salary $70,057/yr
VA benefits - $827/m

Savings:
401(k) $13,285 ($11,389 is vested) - spouse

Location:
Oakland County, MI

Property:
New Manufactured Home, no land. Must meet VA minimums.

Value: $95,000 max

Occupancy: Primary residence

Transaction Type: 1st time buyer. Will be a 30-fixed VA mortgage, not liable for VA funding fee.

---

You have come a long way since 2011, congratulations on all of your hard work so far!

Lets look at the current debt (shown in red) so far:  you are showing 9 tradelines with 4 at zero balance - good work.  The other 5 have balances that are relatively high as it relates to their individual credit limits. You will want to pay off all of them except one and have that one report a balance of less than 9% of its credit limit. That is hard to do when the limits are small. You can let a small $25 balance report on Cap One for example and have zero for the rest and that will satisfy this requirement. It will help your score.

With the derogs that you show you can try the HIPPA method for medical debt (google it, we don't discuss it here). 

For the tax lien if that is federal there is a form you can file to have it withdrawn.

You don't specify the amounts of the debt for each of the collections and charge offs. Can you do that in another post here?

[Anonymous]

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StartingOver10 wrote:

---

You have come a long way since 2011, congratulations on all of your hard work so far!

Lets look at the current debt (shown in red) so far:  you are showing 9 tradelines with 4 at zero balance - good work.  The other 5 have balances that are relatively high as it relates to their individual credit limits. You will want to pay off all of them except one and have that one report a balance of less than 9% of its credit limit. That is hard to do when the limits are small. You can let a small $25 balance report on Cap One for example and have zero for the rest and that will satisfy this requirement. It will help your score.

With the derogs that you show you can try the HIPPA method for medical debt (google it, we don't discuss it here). 

For the tax lien if that is federal there is a form you can file to have it withdrawn.

You don't specify the amounts of the debt for each of the collections and charge offs. Can you do that in another post here?

---

Thank you!

Yes, Gap and Old Navy looked much better until they lowered our limits last week.  We're working on paying all of those down right now and should see mostly $0 balances by the middle of next month.

I've read about that method and after our current round of disputes closes we will try it.  You'll see all of DH's Medicredit accounts, I actually had just as many when our reports were pulled, but they've since fallen off.  We're currently verifying/disputing his because there were many many duplicates and none listed an original creditor.  Apparently collections accounts breed like bunnies when you don't deal with them for years. 

The tax lien was from the state Department of Revenue.  I'll have to look and see if they have a form.  It's likely they do. 

Here are the collections and charges offs listed indivdually with balances:

Collections (date is DLA) 

Medicredit (9/11 - spouse), $4798

Midland Funding (10/08 - spouse, B of A), $2767

medicredit (08/11 - sp), $2533

Asset Acceptance (09/08 - sp, Citibank), $2015

Caine & Weiner (08/11 - self, Ashford Univ), $1152

medicredit (08/11 - sp), $1089

N/A (08/11 - sp), $1088

Midland Funding, (10/08 - sp, Cap One), $703

KS Counselors (07/13 - sp), $597

NW Financial (8/11 - sp), $479

N/A (03/09 - sp), $355

NW Finanical (01/11 - sp), $260

NW Financial (08/11 - sp), $256

N/A (07/12 - sp), $255

Enhanced Recovery (06/08 - sp, Sprint), $192

Berlin Wheeler (6/10 - self), $177

Medicredit (06/11 - sp), $172

N/A (04/12 - sp), $150

N/A (05/11, sp), $136

Credi Coll (02/14 - self), $133

Medicredit (07/11 - sp), $132

N/A (08/11 - joint), $102

Medicredit (07/11 - sp), $42

Medicredit (06/11 - sp), $35

KS Counselors (04/12 - self), $25

Paid Collections -

US Dept of Vets (02/12 - sp), $1183

US Vet Adm (06/10 - sp) $397

Charge Offs (date is DLA) -

Ally (9/10 - spouse, balance from repo), $3652

First Premier Bank (08/08, self) $386