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My scores are 690, 681 and 680....our approval went easily through desktop approval. From my divorce in 2007 and 3 surgeries from 2008 - 2009 I had some late mortgage payments. I have not had any lates in 18 months and finally sold that house.
I am now re-married and my husband and I are trying to buy a new house. Our LO says everything looks good but I worry about my old mortgage lates from 2008 and 2009 coming back to haunt me. I have over 18 months of perfect credit....and my husband has never had any issues. My new husband's scores are 748, 770 and 805.
We are doing a VA zero down loan and our DTI is 27% with the new mortgage payment. Could the VA look at those old mortgage lates and deny us? I'd hate to lose my ernest money and the $400 I paid for the appraisal. Any thoughts?
My LO keeps telling me not to worry and let him do his job....but I do worry since if things do not go through we could be without a place to go. My husband's current house is closing on 2/16 and technically we could be homeless if the new loan doesn't go through.
Nervous!!! Any thoughts?
@Cdnewmanpac wrote:
While nothing is guaranteed, most va lenders focus only on the last 12 months unless you have a previous bankruptcy. Also, if your offer is withdrawn because you fail to qualify for a loan, your earnest money is typically returned. If you are working with an experienced loan officer (experienced with va loans), I wouldn't worry too much.
+1
Thanks...no bankruptcies or judgements or collections. Just the past mortgage lates.
you will likely be just fine with a letter of explanation.