House IIB was sold 11/2022, PIF. Ch7 discharged 9/2020. We are currently renting to get ducks in a row and hope for lower rates. We are looking at applying seriously next year.
We've been casually talking to lenders to see some options on what more we can do to be in the best position possible when the time comes. Mid mortgage scores currently are 678, 665.
Here's the situation...
Had a lender today say he will need all mortgage payment history after bankruptcy since it's not on CR. Understandable. Then he told me that I wouldn't be able to get a new VA loan if I paid late on servicers internal schedule after BK, on loan IIB (not reaffirmed). Again understandable...to an extent... but 12-24 months after the house was PIF he needs to see this?
He asked me to provide internal payment history from the servicer and said "even if the house was sold 5+ years ago, every lender will want to see mortgage history on any house IIB to make sure payments were made after discharge if you didn't reaffirm"
Ummmm WHAT?!?!? News to me!!! I assumed, two year seasoning, good credit rebuild, 12-24 good housing history, low DTI and reserves. Not digging up the old loan to see internal history for the rest of eternity.
I get needing 12-24 months housing history but this kind of digging seems off.
Any thoughts on this are appreciated!
He also told me that "consumers can't attain Mortgage score" (I LOLd on that one), that I should immediately "opt out" after applying with him to raise our score, I asked him if he pulled the Fico 5,4,2 models and he had no clue what I was talking about, & that so much more will be required from us, internal records/paperwork, to get a loan since we filed Ch.7 years ago.
