Mzware, do you mind if I ask which lender you are using for your VA loan? I'm asking because I've called so many places and they all are telling me they require a 620(which we're at my dangerously close). If I found one with a 600 it would give us so much breathing room! Good luck on your journey!! 
For me, having to wait 2 years after discharge of my Ch 13 allowed for further improvement of my credit and reserves. Also during this waiting period, I had planned on purchasing the property I was renting but I found out my landlord had planned on ripping me off through the deal as she refused to make repairs and after agreeing on a price, increased it by over $30K! Also I uncovered a great 100% financing FHA loan through our housing authority. So we walked away from the rental property into a gorgeous 4 bd, 4 ba, study, 3700 sq ft new construction inventory home that was just finished in October 2012. The house we were renting was only 1467 sq ft and it had no basement so we were cramped and outgrowing it more and more as each year went by. So being forced to wait was a good thing as it allowed me to really see the game my landlord was playing and decide what was the right path forward for our family and be able to do it financially.
So yes, it is possible I was dealing with incompetent lenders but my patience paid off in the long run. It has been 6 years since I was a homeowner and I could have possibly owned sooner but it would not have been what we wanted. Since I was already patient for 5 years, I said what's another year? So I waited and didn't force myself upon 10 different lenders, and my income went up, credit score went up, and my reserves went up enough for me to be able to ditch the burdensome rental property for our forever home.
Sometimes being asked to wait is a sign of better things to come. Just like the saying, Better things come to those who wait. And actually our first home ended up in foreclosure because we pushed. The first Mortgage Broker told us to work on our credit for two more years and he would be able to approve us. But we just couldn't wait! We had to be homeowners right then and there and went to a shady broker who showed us only rundown homes in our price range or huge magnificent homes that would break our budget. We fell in love with one of those huge homes and the broker said the only way to be approved is to do a 2 year ARM. We fell for it, couldn't get refinanced because of our DTI, ended up filing BK a second time and wrote exempt on our taxes to try to save the home. Home foreclosed in 2007. I have ONE LAST PAYMENT to the IRS next month for 2005/6 back taxes in the amount of $54!!!
So...this second time around when I was asked to wait, I waited. As I knew forcing it before placed us into a bad situation. So by waiting, I was able to buy what we truly wanted.
So yes, it is possible I was dealing with incompetent lenders but my patience paid off in the long run. It has been 6 years since I was a homeowner and I could have possibly owned sooner but it would not have been what we wanted. Since I was already patient for 5 years, I said what's another year? So I waited and didn't force myself upon 10 different lenders, and my income went up, credit score went up, and my reserves went up enough for me to be able to ditch the burdensome rental property for our forever home.
Sometimes being asked to wait is a sign of better things to come. Just like the saying, Better things come to those who wait. And actually our first home ended up in foreclosure because we pushed. The first Mortgage Broker told us to work on our credit for two more years and he would be able to approve us. But we just couldn't wait! We had to be homeowners right then and there and went to a shady broker who showed us only rundown homes in our price range or huge magnificent homes that would break our budget. We fell in love with one of those huge homes and the broker said the only way to be approved is to do a 2 year ARM. We fell for it, couldn't get refinanced because of our DTI, ended up filing BK a second time and wrote exempt on our taxes to try to save the home. Home foreclosed in 2007. I have ONE LAST PAYMENT to the IRS next month for 2005/6 back taxes in the amount of $54!!!
So...this second time around when I was asked to wait, I waited. As I knew forcing it before placed us into a bad situation. So by waiting, I was able to buy what we truly wanted.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! 
@TanterBeans wrote:
Mzware, do you mind if I ask which lender you are using for your VA loan? I'm asking because I've called so many places and they all are telling me they require a 620(which we're at my dangerously close). If I found one with a 600 it would give us so much breathing room! Good luck on your journey!!
Then what is on your report to possibly increase your scores a little?