topic Re: VA Loan Chances in Mortgage Loans

VA Loan Chances

Anonymous — Tue, 03 Apr 2018 02:14:55 GMT

chances? last year Jan - june had a couple of 60 and 30 day lates.. maybe 6 Looking to qualify for a Va loan and have made payments and I am caught up on everything. I am looking to apply in June will the lates affect me if they are over 12 months? Also when should I apply after 12 months or after those accounts have been reported to my credit report reporting 12 months of on time payments.

scores 617, 614,593

Re: VA Loan Chances

Anonymous — Tue, 03 Apr 2018 13:50:38 GMT

Are the scores listed your mortgage scores? I was able to get a VA loan with a 625 Middle score, but my lender said they can go even lower. There is a thread, (I actually think I started it) that has a VA morgage broker that can give you some info regarding lenders that can help. You might want to give a little more info in your post, including Annual Income, what good and bad you have on your credit report, what cards you have and what their balance and limit is. This is a great forum that might be able to give you a few tips that will get your middle mortgage score up over 620 quickly.

Good luck and thank you for your service!!

Re: VA Loan Chances

VALoanMaster — Tue, 03 Apr 2018 20:47:00 GMT

@Anonymouswrote:
chances? last year Jan - june had a couple of 60 and 30 day lates.. maybe 6 Looking to qualify for a Va loan and have made payments and I am caught up on everything. I am looking to apply in June will the lates affect me if they are over 12 months? Also when should I apply after 12 months or after those accounts have been reported to my credit report reporting 12 months of on time payments.
scores 617, 614,593

Hi Cwynn,

There are 2 components to your answer. 1) The VA guidelines & 2) Getting approved through an automated underwriting system(AUS) VS having to do a manual underwrite.

#2 is the real kicker & here's why. The AUS won't "read" that you have a clean 12 month history until the month following 12 months from the last late payment. For example: If your last late payment was June 2016 the AUS will see 12 months in July of 2017.

Does that make sense?

Re: VA Loan Chances

Anonymous — Tue, 03 Apr 2018 21:16:17 GMT

Thank you! So I should wait untill after the 12 months or apply if I get a 620

More About me

9/2300 Capitol one

8/500 Capitol one

car payment 300

Income $60,000 Looking in Texas

Re: VA Loan Chances

VALoanMaster — Tue, 03 Apr 2018 21:28:07 GMT

@Anonymouswrote:
Thank you! So I should wait untill after the 12 months or apply if I get a 620

More About me
9/2300 Capitol one
8/500 Capitol one
car payment 300
Income $60,000 Looking in Texas

It just depends on the overall file. If you get to May for example & there are only 2 lates in the last 12 months, it maybe possible to get an approval through an AUS.

I'm Texas as well.

Re: VA Loan Chances

Anonymous — Wed, 04 Apr 2018 15:30:08 GMT

@VALoanMasterwrote:
@Anonymouswrote:
Thank you! So I should wait untill after the 12 months or apply if I get a 620

More About me
9/2300 Capitol one
8/500 Capitol one
car payment 300
Income $60,000 Looking in Texas

It just depends on the overall file. If you get to May for example & there are only 2 lates in the last 12 months, it maybe possible to get an approval through an AUS.
I'm Texas as well.

Re: VA Loan Chances

Anonymous — Wed, 04 Apr 2018 15:30:38 GMT

I recently got preapproved for a VA with a middle score of 585. Im building which gives me time to imporve them which is what im doing right now. Seeing increases regularly.

Re: VA Loan Chances

Anonymous — Wed, 04 Apr 2018 15:31:05 GMT

I recently got preapproved for a VA with a middle score of 585. Im building which gives me time to improve them which is what im doing right now. Seeing increases regularly.

Re: VA Loan Chances

Anonymous — Wed, 04 Apr 2018 16:14:26 GMT

Who are you buliding with if you dont mind me asking?

Re: VA Loan Chances

MauiMan85297 — Thu, 05 Apr 2018 18:38:40 GMT

We do FHA/VA loans with 580 MMS, the VA doesn't have a score requirement but most lenders have their minimum score.

Re: VA Loan Chances

Anonymous — Sun, 08 Apr 2018 16:47:45 GMT

So I paid off my closed credit card and my scores jumped from

Ex. 561 to 593 Eq. 582to 633 Trans 601 to 632.... Just keep hope alive! Hoping I can get pre approved now!

Re: VA Loan Chances

me12345 — Sun, 08 Apr 2018 19:12:34 GMT

We do VA and FHA down to a FICO of 550....

...it is correct the VA dosen't have a FICO score requirement, and most requirements are "Overlays" by the Investors (Banks)

So its easier to qualify at some places more than others.

Please PM me for more info.

Re: VA Loan Chances

VALoanMaster — Mon, 09 Apr 2018 21:35:19 GMT

@Anonymous wrote:
So I paid off my closed credit card and my scores jumped from

Ex. 561 to 593 Eq. 582to 633 Trans 601 to 632.... Just keep hope alive! Hoping I can get pre approved now!

That should really help.