Mortgage Expectations?

[Anonymous]

So Im in the process of cleaning up my credit after post divorice in August 2019.

My plan is to use my VA Home loan benefit and utilize my Exempt funding fee.

What can I expect as my account will have 4 Charge offs PIF, 2 Paid but Settled , 4 Collections Marked as PIF? is there any hope or am I going to have to ride it out for a few years to qualify for a mortage?

My work income: $95,000 ($7,916 monthly)

VA Dis: $40,680 ($3,390 monthly) not taxed

Total:$135,680( $11,306 Gross each month)

Assets: $75K in company stock

My Debt/Bills:

Student Loan: $53,000 @ 550 in June 2021

Car: $31,000 @ $660 (brand new)

Credit cards: $92 a month

Rent: $1,900

Util: $250

[JVille]

Your score still need to come up a bit. And your Credit Issues need to be 12 months behind you. I'm hoping the credit scores I see posted at the bottom of your post are actually Mortgage Scores and not FICO 8 

[VALoanMaster]

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@Anonymous wrote:

So Im in the process of cleaning up my credit after post divorice in August 2019.

My plan is to use my VA Home loan benefit and utilize my Exempt funding fee.

What can I expect as my account will have 4 Charge offs PIF, 2 Paid but Settled , 4 Collections Marked as PIF? is there any hope or am I going to have to ride it out for a few years to qualify for a mortage?

My work income: $95,000 ($7,916 monthly)

VA Dis: $40,680 ($3,390 monthly) not taxed

Total:$135,680( $11,306 Gross each month)

Assets: $75K in company stock

My Debt/Bills:

Student Loan: $53,000 @ 550 in June 2021

Car: $31,000 @ $660 (brand new)

Credit cards: $92 a month

Rent: $1,900

Util: $250

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Hi @Anonymous ,

There is a very good chance of getting you approved for a VA mortgage right now but we would likely want to continue working on your scores while you're looking for a home.

How long ago did you take care off the COs & collections? Are they updated on your credit report?

[Anonymous]

Hey thanks for the reply, I just paid them off last month and this month. I'm told takes up to 45 days and I'm starting to get the letters of paid off and settled. 

I'm looking towards Raising the scores for better terms? I'm guessing that's beat option? I have had two collections deleted so far and two chargeoffs up dated as Settled

[VALoanMaster]

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@Anonymous wrote:

Hey thanks for the reply, I just paid them off last month and this month. I'm told takes up to 45 days and I'm starting to get the letters of paid off and settled. 

I'm looking towards Raising the scores for better terms? I'm guessing that's beat option? I have had two collections deleted so far and two chargeoffs up dated as Settled

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You're welcome.

Yes, raising the scores will result in better terms. We can also look at doing a rapid re-score if needed.