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New Member
electus_unus
Posts: 3
Registered: ‎01-13-2012
0

Va loan help

Hi, long time lurker first time poster. I've been reading these boards and learning a lot for the past year or two. Here goes... I recently applied for a mortgage with veterans united and my scores came back as follows; exp 617, tu 594 and eq 608. I was instantly transferred to their department of secondary approval. After running my files through the simulators I was told there was nothing I could do bit, wait for accounts to mature. (Capone secured MC $400 limit $22 balance opened nov 2012 USAA secured Visa $500 limit $10 balance opened sept 2012 and a nfcu visa $600 limit $1 balance opened sept 2011 student loans with late pays that have been paid on time for over the last two years car loan with no late pays. Here's the bad four charge off accounts all lowers than $400 three with a zero balance as of dec 2012 the fourth has a balance of $339 that have been paid in dec 2012 but, not updated. I contacted the company that agree to do a paid for deletion they instructed me to dispute with the cb which isthe only one that shows it. I have a signed letter that states that the account would be deleted. I disputed the account with equifax and the computer updated told me to expect it to be resolved on 5/31/13. I've done all that I can do to my question is if my ca doesn't reach the magic "620" by mid June is there any other bank that would do va home loan with a 600 mid score for texas? Btw the lender told me my dti was 18% and my uti was <2% and the increasing my limits on my secured cards wouldn't improve my scores according to their simulator. What do you think?
Established Member
fabadvice
Posts: 76
Registered: ‎08-11-2010
0

Re: Va loan help

This is a hard one, I know Suntrust is 640, ifreedom direct said 640, Quickens Loans 620, Wells Fargo 620, not sure about veterans united I guess it's 620 from your post but, I was just pre-approved with them in a day after sending in the requested documents, for some reason with NFCU and VU I didn't ask about scores but that's who I applied with so far. I know this does not help you find a lender but, maybe it will help you eliminate some if you had these lenders in mind. Good Luck with everything.
New Member
electus_unus
Posts: 3
Registered: ‎01-13-2012
0

Re: Va loan help

@Fabadvice Thank you for your reply. I was considering NFCU, USAA and VU. I talked to a guy at Wells Fargo and he told me the mid minimum is 600. I currently have the paid c/o in dispute once it's cleared I'll make the appropriate move.
Contributor
Elcid89
Posts: 567
Registered: ‎10-04-2012
0

Re: Va loan help

Best advice is to wait. Most lenders that I work with have set a floor of 640 on government guaranteed loans. In the odd event that you are able to get approved below that floor, your rate will eat you alive.

FICO 04 scores: 809 (EQ) 812 (EX) 818 (TU)

Amex Platinum NPSL - Citi HHonors Sig. $58k - BMW Ultimate $40k
Chase Sapphire Preferred $62k - Merrill Lynch + Signature $41k - USAA Rate Advantage $28k
NFCU Flagship Signature $50k - USAA Cash Rewards AMEX $28k
Citi Platinum Select / AAdvantage Signature $31k - Chase Amtrak Rewards World MC $41k

New Member
electus_unus
Posts: 3
Registered: ‎01-13-2012
0

Re: Va loan help

@elcid89 thank you. I wondered about that but, the rep at Wells Fargo was telling me that it'll be at 3.5% VU 2.95% how will those eat me alive?
Contributor
Elcid89
Posts: 567
Registered: ‎10-04-2012
0

Re: Va loan help


electus_unus wrote:
@elcid89 thank you. I wondered about that but, the rep at Wells Fargo was telling me that it'll be at 3.5% VU 2.95% how will those eat me alive?

If Wells is willing to do 3.5 and VU is willing to do 2.95 at those scores without a boatload of conditions or a nasty buyer contribution at closing, which honestly shocks me, then I'd say go for it. I'd get a lock commitment in writing to the rate though.

FICO 04 scores: 809 (EQ) 812 (EX) 818 (TU)

Amex Platinum NPSL - Citi HHonors Sig. $58k - BMW Ultimate $40k
Chase Sapphire Preferred $62k - Merrill Lynch + Signature $41k - USAA Rate Advantage $28k
NFCU Flagship Signature $50k - USAA Cash Rewards AMEX $28k
Citi Platinum Select / AAdvantage Signature $31k - Chase Amtrak Rewards World MC $41k

Established Member
fabadvice
Posts: 76
Registered: ‎08-11-2010
0

Re: Va loan help

Wells told me 620, I guess the reps all say different things but, it's awesome if they will take 600. VU offered you 2.95 WOW ! They offered me 3.5 with scores of (673,712,680 Lender pull) 


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