@Anonymous wrote:
Ok so here's my situation....I'm really not happy with the way my lender has handled my VA loan application thus far. I know I'm not an ideal candidate for a loan but I wanted to ask if any of the lenders or consumers here could make a recommendation as to someone else I could use or if this is normal and I should just keep working with this guy. I've gotten my score where he wanted it and I just can't get him to communicate really and I need someone that a) knows they can get it done and b) will do it ASAP .I live and want to stay in Texas. We have found a place and want to make an offer but at the rate we're going it will be long gone by the time we get done. Here's a list of issues that I have...
1) my middle FICO score currently is like a 587. I recently paid off a couple of large debts and paid down some credit cards and according to the simulator when it updates I will be at like a 640 or so. I've got letters from the creditors stating that the account was paid in full and that they will be requesting to have it deleted from my reports as evidence in the meantime.
2) My wifes credit is garbage to say the least so she will have to be a nonpurchasing spouse.
3) I have paid off like 13k dollars worth of student loans and old debts in the past 30 days and had a miscalculation that threw my account into the negative temporarily so I have a couple of overdrafts on my bank statements.
4) I have been living of my wife and my VA disabilities since we got out of the Army and it is not taxed so I don't have any tax documents for the last two years as I didn't have to file.
5) I recently was granted social security disability and have all the documentation to prove my income.
Any references or ideas would be greatly appreciated. Please save any snarky comments.
Hi Whowantsthedeal,
It sounds like your current lender has put your file on the back burner. This usually happens when a loan officer isn't confident they can get the deal to close. It's almost like they just hope you'll get tired of waiting & go away instead of actually working on your file or at least having the guts to be honest with you & tell if they think there is a problem.
1) I would use your letters from the creditors to do a rapid re-score & get the accounts deleted in 3-5 days. Once the score jumps up, you have better chance of getting your loan approved through an Automated Underwriting System (AUS).
2) Even though your wife's credit is garbage, we can still consider her income just like we will yours so that should really help with your debt ratios.
3) Were the student loans government backed? If so, there is a very good chance that you have a hit in the CAIVRS system. Most lenders will just flat out deny your loan & quit working on it once there is a CAIVRS hit.
4) No tax returns are required.
5) As long as you have the documentation, we can count your SSDI.
VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
