VA Home Loan Possible With Lates?

[Anonymous]

Hello! My DH and I were planning on trying to get a va loan this summer (July-August), but I was an airhead and forgot 2 credit card bills and now we have 2 3 day recent lates.

Here's what our reports look like:
-2 30 day lates January 2015
-9 30 day lates 2008-2014
-60 day late 3 years old
-90 day late 3 years old
-2 paid medical collections a few years old
-high utilization but plan to get it from 50% to 20% or lower
-DTI ratio is already low
-1 paid charge off from 2011
-100k + income combined
-15 year job history
-currently renting and have been for several years

Do you think a va loan would be possible with those 30 day lates?

Thanks so much!

[DallasLoanGuy]

va has been real tight here lately.

those lates will hurt

you might need some compensating factors to make the loan approve in automated underwriting. a manual underwrite is out with the lates.

compensating factors: cash reserves, low payment shock, down payment, ect

[frugalQ]

hi OP,

I'm sorry this happened to you.  I recommend you set your credit cards to autopay the minimum balance due.  This will ensure you never miss a payment.  You can still pay more, but at the very least, the minimum payment will be made.

[Anonymous]

The VA does have in the underwriting guidelines that 12 months of on time payments re establishes good credit. Those Jan 30 day lates will probably hurt you alot right now. No need to worry about anything past a year as far as the VA is concerned. Also, the VA also says that it is up to the bank if they want to extend credit to someone with more recent lates.

We have been in the same boat as you -- by the time we are able to get a house it will probably be about a year since our last late payment.

Put those bills on auto pay! Saves you alot of grief

[Anonymous]

Thank you all so very much!

I have actually paid off those balances. I am going to try sending some Goodwill letters and see if that can get me anywhere!