VA help

[zhenxinqian]

As soon as I achieve a 620+ on my and the DH's FICO, I wanna start shopping for mortgages, I plan on applying with as many lenders as possible (20+) to compare rates and hopefully get the best deal. I've learned from the forums that VA doesn't care what your credit score is but most lenders want a minimun of 620, what about collections? I'm trying to get them PFD, but if the CA doesn't agree, I still want to pay them off. Are paid in full collections going to hurt us in our mortgage search? 

[CS800]

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@zhenxinqian wrote:

As soon as I achieve a 620+ on my and the DH's FICO, I wanna start shopping for mortgages, I plan on applying with as many lenders as possible (20+) to compare rates and hopefully get the best deal. I've learned from the forums that VA doesn't care what your credit score is but most lenders want a minimun of 620, what about collections? I'm trying to get them PFD, but if the CA doesn't agree, I still want to pay them off. Are paid in full collections going to hurt us in our mortgage search? 

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It does help to have collections paid in full for mortgage purposes.

But the only way it wont hurt is if you can PFD as you said since a collection whether paid or not will affect your score the same way. I know a lot of creditors like to stick it to the people even though you pay them in full. This is their way to say we can punish you for 7 years.

But try GW letters in the higher up (managers etc) make your case and as always be truthful. This might work depending who you get.

[zhenxinqian]

Thank you! 

Will I still be able to get a VA mortgage loan if I can't get PFD, but pay in full on collections?

[Anonymous]

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@zhenxinqian wrote:

Thank you! 

Will I still be able to get a VA mortgage loan if I can't get PFD, but pay in full on collections?

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I am not sure, but I believe this depends on the lenders requirements. DW and I applied this past month on a joint VA app. DW has a 'paid in full' from a while back that our LO just asked for LOE. Just our recent experience though, sure others will provide more feedback.

 

[zhenxinqian]

Do you mind me asking who your lender is?

[Anonymous]

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@zhenxinqian wrote:

Do you mind me asking who your lender is?

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Zhen,

I don't think we can mention specific lenders on the forums, but I am in central Ohio and using a local broker, which the LO, was specifically recommended to us from a friend. They deal in VA mortgage products quite often. I would humbly recommend you talk to friends, coworkers, family, etc. and ask for an LO recommendation who is fairly experienced in the type of product you are specifically seeking and contact that individual directly for questions. I apologize if this was not the answer you were looking for, but hope it helps!

[MarineVietVet]

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@Anonymous wrote:

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@zhenxinqian wrote:

Do you mind me asking who your lender is?

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Zhen,

I don't think we can mention specific lenders on the forums, but I am in central Ohio and using a local broker, which the LO, was specifically recommended to us from a friend. They deal in VA mortgage products quite often. I would humbly recommend you talk to friends, coworkers, family, etc. and ask for an LO recommendation who is fairly experienced in the type of product you are specifically seeking and contact that individual directly for questions. I apologize if this was not the answer you were looking for, but hope it helps!

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Mentioning a specific lender is fine. That's no different that saying the name of a credit card company or car maker. The problem is when representatives of mortgage companies and/or realtors begin to make suggestions about their own services and it gets to be more like solicitation than advice.

Edited to fix a typo.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

Also, you may want to consider having some drafted up LOE's saved and ready to go prior to submitting for approval. The 'paid in full' collection accounts, I am only assuming, will need them. Again, DW had to do this for the one on her report and LO said that was all we needed in our case. You are definitely on the right track, just keep reading and applying the knowledge gained from the forums and other research and you will be fine.

[Anonymous]

That was an 'assumption' on my part, many apologies.

[zhenxinqian]

So.. what's an LOE?