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Navy Fedseral Terrible

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Navy Fedseral Terrible

I am scheduled to close on my house 15 January 19 and got an email today from my loan processor at Navy Federal stating that they cannot move forward with the Va loan and check wit my loan officer to figure out different mortgage options. I have did several calculations and I am currently below the DTI to get a VA Loan i have several emails to my processor and also loan officer and can’t get a clear response of why my VA loan wasn’t approved.
Message 1 of 21
20 REPLIES 20
Valued Contributor

Re: Navy Fedseral Terrible

Your lender is required by law to provide you with a letter of Denial spelling out exactly why your loan was declined.
I’m sure the Processor also gave you a reason, please be specific as to what you were told.
Is FHA an option?
Message 2 of 21
Member

Re: Navy Federal Terrible

I have sent your file up to the underwriting department to review the Credit Report Supplement we received. Upon review there were several liabilities that were listed as paid or duplicates on your original application that are showing as not paid off or not duplicates. At this time we can not move forward with this program.

This is the email i received
Message 3 of 21
Member

Re: Navy Federal Terrible

I have sent your file up to the underwriting department to review the Credit Report Supplement we received. Upon review there were several liabilities that were listed as paid or duplicates on your original application that are showing as not paid off or not duplicates. At this time we can not move forward with this program.
Message 4 of 21
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Established Contributor

Re: Navy Federal Terrible

Sounds like you may need to clean up your credit a bit.
How many derogs? Lates?
Starting Score: EX 641 TU 631 EQ 669
Current Score: EX 714 TU 718 EQ 713 (EQ9 735)
Goal Scores: 750


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Message 5 of 21
Member

Re: Navy Federal Terrible

I haven’t had a late payment in the last 3 years same with degros.
Message 6 of 21
Established Contributor

Re: Navy Federal Terrible

How many lates / derogs are showing up total? Even if it's been more than a few years?
Some lenders may see this as a huge risk.
Starting Score: EX 641 TU 631 EQ 669
Current Score: EX 714 TU 718 EQ 713 (EQ9 735)
Goal Scores: 750


Take the myFICO Fitness Challenge




Message 7 of 21
Valued Contributor

Re: Navy Federal Terrible

Really? They go beyond the credit report in front of them?  If so, how far do they go back?

012019 Fico8/Mortgage Score:
Current Fico8/Mortgage Score:
MyGoal Fico8/Mortgage Score:
Take the myFICO Fitness Challenge


Message 8 of 21
Valued Member

Re: Navy Federal Terrible

7 years, then the title company does a super search. 4 days before i closed they found a tax lean from 1998. 20 years ago. Normal credit drops off after 7 years but liens can stay on forever. 

Message 9 of 21
Valued Member

Re: Navy Federal Terrible

Also, ask your lender if he knows of a reputable credit repair agency. I wish i would have paid the 150 bucks my loan officer recommended to me, it would have saved me several months and probably raised my credit score even higher. 

Message 10 of 21
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