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VA Approval - with past mortgage lates? Advice?

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mlearma
New Contributor

VA Approval - with past mortgage lates? Advice?

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?

Message 1 of 5
4 REPLIES 4
Cdnewmanpac
Established Contributor

Re: VA Approval - with past mortgage lates? Advice?

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 Also, if your offer is withdrawn because you fail to qualify for a loan, your earnest money is typically returned.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.
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Message 2 of 5
namvet
Established Contributor

Re: VA Approval - with past mortgage lates? Advice?


@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 Also, if your offer is withdrawn because you fail to qualify for a loan, your earnest money is typically returned.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

Message 3 of 5
mlearma
New Contributor

Re: VA Approval - with past mortgage lates? Advice?

Thanks...no bankruptcies or judgements or collections.  Just the past mortgage lates.

Message 4 of 5
DallasLoanGuy
Super Contributor

Re: VA Approval - with past mortgage lates? Advice?

you will likely be just fine with a letter of explanation.

 

 

Retired Lender
Message 5 of 5
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