VA Home Loan/DFAS Debt

[Anonymous]

Ha, thanks. I question the credibility of it. How can they force me to pay something, but only report it if I am late? That doesn't seem to help me at all. I would think it would look good to see I have that and I am in good standing. Oh, because its the government.

[ShanetheMortgageMan]

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@Anonymous wrote:

I forgot to mention... mine WAS on my credit report, I didnt know I had the debt until it was on my report and thats when I contacted them to make payment arrangements. Never once recieved a letter from DFAS stating I was overpaid by a half month (it was only 2200 bucks). I would think that since yours isnt on your report, mentioning it at all  to your LO would be against your best interest, seriously!

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Unless their best interest is to stay out of federal prison - because not disclosing debts you are obligated to pay is mortgage fraud.

[Anonymous]

Great, thanks guys for your help.

[Anonymous]

They will only be able to find out debts to the VA... other than that they just check your credit... use a money order this month and next to pay so they dont see the debit from your bank acct.

[ShanetheMortgageMan]

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@Anonymous wrote:

 if its not on your credit report they WILL NOT know you have it, period! Dont mention the debt or payment amount on your loan app either.

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Please do not provide that advice anymore.

[Anonymous]

I guess you could say its fraud, even if it is a bit too tight these days. 1300 a month can kill the DTI even if he can afford it. I mean really, people that dont use VA dont have to disclose their daycare that can be over a grand... its all screwy

[Anonymous]

Well as of right now I only pay 300/month for it. I disputed it, so for the next year it shows up at my door every month as a 300$ bill. Maybe for now it wont look too bad?

[Anonymous]

300 is dealable... 1300 will more than likely take your ratio out of range even if in all honesty you CAN afford it along with a mortgage. I think it needs to be more fair across the board. EVERYONE reveals ALL monthly obligations... there should be a clear standard. I think its unfair that because I have kids I have to count daycare costs as debt for the VA loan but not conventional.

[Anonymous]

Yeah that seems unfair. Honest people are at a disadvantage. How could they tell if there is nothing reporting on something like day care?

[Anonymous]

I closed on this past thurs... All my debts that I had/have were on my CR so they kind of disclosed themselves. The process was pretty simple and smooth asside from some 4506T issues that I think were due to them inputting the wrong name or social... They counted all of my wifes student loans even though they are deferred, which is understandable since they have to be paid at SOME point.