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Established Member
lillygooch4
Posts: 18
Registered: ‎01-29-2012
0

Va loan and pre approval

OK my husband and I are try to going threw pre approval for a home loan using a VA loan with his mid score 620and and my mid 646. I have been working overtime disputing and sending PDF and we. Finally got to the scores needed to apply. I've heard stories of having disputes comments on the report and being denied. Is this true for the VA loan to? My husband has 1 30day late that will be a year in Sept and a couple afnis that are 170 and 355 that will drop off in Jan 2013 unpaid. I have just one judgment unpaid and I know I have to pay before closing for 1100. But will these disputes left on there get us denied in the pre approval process. We are waiting for the LO to call us back today on a answer if we got it. My nerves are shout. This is our first home and our dream to have a house for our four kids to settle in.
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HoldingOntoHope
Posts: 1,057
Registered: ‎09-29-2009
0

Re: Va loan and pre approval

I was asked to write a letter of explanation for the disputes but was not required to get the comments removed.. I did the VA loan in 2011. VA underwriting standards do seem to be a little more forgiving. But I did have to pay a judgment and settle it. Sounds like you are prepared to do that. Good Luck.

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Established Member
lillygooch4
Posts: 18
Registered: ‎01-29-2012
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Re: Va loan and pre approval

We got the bad news that we are denied due to the 30day late in September. We have to wait til its a year so the LO said try probably Oct1 is best. So devastated, we have work for a year to get the scores and Carmax was the only ones that would not work with us. The reason for the late was our 4 year was seriously sick and in the hospital and we stayed by her side. By the time we realized it was 6 days past the 30day marker and we hurried and paid it. The only late in 5years!
Established Member
lillygooch4
Posts: 18
Registered: ‎01-29-2012
0

Re: Va loan and pre approval

Can you tell me a little about your experience with using VA loan? There isn't many posts on it and its the only choice we have. Thanks
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MarineVietVet
Posts: 14,153
Registered: ‎07-14-2009
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Re: Va loan and pre approval


lillygooch4 wrote:
We got the bad news that we are denied due to the 30day late in September. We have to wait til its a year so the LO said try probably Oct1 is best. So devastated, we have work for a year to get the scores and Carmax was the only ones that would not work with us. The reason for the late was our 4 year was seriously sick and in the hospital and we stayed by her side. By the time we realized it was 6 days past the 30day marker and we hurried and paid it. The only late in 5years!

I know this is disappointing but look at the glass as being half full. You'll have more time to work on your credit profile. Hopefully your scores will get better which will result in lower rates and also money saved in interest.

 

Good luck to you.

Established Member
lillygooch4
Posts: 18
Registered: ‎01-29-2012
0

Re: Va loan and pre approval

Thanks I appreciate your kind words!
Contributor
vlaw1084
Posts: 85
Registered: ‎04-09-2012
0

Re: Va loan and pre approval

Hello,

 

Our family just closed on a VA loan and I had a 30 day late with a  credit card at the beginning of our loan process, that I explained what happened to my loan officer.  I was upfront before applying with my lender and she was able to get us closed, so it may just be the lender you went to. Are you working with an agent?   The VA guidlines state that even with a 30 day late, if the rest of the credit history looks like it has been maintained then the decision would be up to the lender.  So i say this to you......  DO NOT GIVE UP!  F I GHT  for your family, to have a place they can call home. I know there is a lender that will understand your situation knowing that you qualify for a guranteed VA loan with a minor blemish on your credit record.....FIGHT FOR IT!!!!

Regular Contributor
Watching
Posts: 217
Registered: ‎04-05-2012
0

Re: Va loan and pre approval

We just closed on a VA Loan on June 14,2012...

This link was EXTREMELY helpful to me when I was pulling my hair out!!!! We went through FGMC to get our home loan... The required credit score for them for a VA Loan was 580.. The link is the VA Home Loan guidelines.. This thing was ssoo helpful.. It tells you all the do and don't and even has the underwriter process in it...

http://www.benefits.va.gov/warms/pam26_7.asp

Established Member
lillygooch4
Posts: 18
Registered: ‎01-29-2012
0

Re: Va loan and pre approval

We are in the hunt for a second option, I will post what happens as this helps to have all the feedback thanks for all the help!
Regular Contributor
alexhortdog
Posts: 123
Registered: ‎03-10-2007
0

Re: Va loan and pre approval

Hey folks,

 

I'm a Veteran who has been in the process of cleaning up my credit.  I just paid my last bad debt off in Jan of this year, all others paid.  I have a discharged CH 7 that is due to fall off in Feb of 2014 as well as a tax lien that should fall off next year too.  My FICO score here is a 664, not sure what the other two are (Credit Karma has me at a 611 and holding forever). My wife is having issues now with her credit (student loans), but as far as I know, the VA would only pay attention to my credit scores and such in the guaranty, right?

 

I currently am renting a house at $975 a month, and am comfortable paying that as of right now.  I'm interested in getting a loan in the next year or so.  What are the steps I need to go through to looking at how to tackle this? 




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