Do I qualify for a VA loan?

[Anonymous]

Just wondering if I qualify. Not in a rush to buy and have a stable living situation, just curious. Some data points:

Fico Mortgage Scores

EQ 672

TU 696

EX 709

Credit Negatives

Syncb/Amazon PLCC  10/17 - charge off/settled for less than full amount 

Syncb/Walmart 08/15  - charge off/settled for less than full amount

Credit Ond 08/15  - charge off/settled for less than full amount

Lending Club 07/15  - charge off/$0 balance

Gross Income

91000 a year

Employment

Active Military

Currently serving

Joined 06/2006

Monthly Debt

Car Payment $506

Personal Loan $494

Student Loan $95

Bank with NFCU

$25000 in savings

Brokerage account with Vanguard

$10000 in mutual funds

Looking to purchase a single family home as a primary residence using the VA loan in the Groton/Ledyard/Preston CT area. 

[homeloanexpert]

Hello,

Thank you for your service. Based on the info provided, you are perfect candidate for a VA loan. Sleep like a  baby!

Best wishes to you..

[Anonymous]

Thanks. 

[Anonymous]

Thank you for your service! I agree you should be a perfect candidate for a VA loan! Good luck! 👍

[donkort]

A 696 is not a bad middle score.

But you should seek to get higher.   So you can get lower interest rates.  When did the collection account first record a missed payment?  That's called DOFD (Date of First Delinquency).  They should be off your credit reports 7.5 years max from the (DOFD).

But also listen to the mortgage brokers.  Sleep like a baby.

[Anonymous]

The dates given are the DOFD. Is there anything I can do to push my mortgage scores higher?

[donkort]

Try a goodwill letter for each of the charge-offs.  Three of them will be erased from your credit report in like 2022, the other about 2024.

[VALoanMaster]

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@Anonymous wrote:

The dates given are the DOFD. Is there anything I can do to push my mortgage scores higher?

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If the scores in your first post are your mortgage scores, your mid score is 696 which is going qualify you for the best VA rates available.

If you still want to try & improve your score please have a mortgage lender pull a credit report & run some credit simulators to see what your options are. The last thing you want to do is to inadvertently drop your scores because you addressed the wrong accounts.

Does that make sense?

[donkort]

Would a goodwill letter cause the charge-off to potentially "start the clock" again?

I am of the understanding that the DOFD cannot change.

I guess I'm thinking more of the "statute of limitations" than of the DOFD.  Would it "start the clock" on the "statute of limitations"?