Navy Fedseral Terrible

[newmomnewme]

Yikes @ 7 years back! I had two tax liens in 2013...1 federal and 1 state; I paid them and had them removed. 

I've also had judgments, charge offs and collections from back then. 

Right now, I am working on getting my last two collections removed, they are paid..but they were just added in 2017. 

This scares me. 

[newmomnewme]

Can a reputable credit repair shop get the derogs off the super report too?!? 

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@Anonymous wrote:

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. 

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[Anonymous]

Im not sure, but a reputable credit repair guy could probably do better than i did and i did ok. I was able to get rid of 3 collection accounts by disputing them. the collection agency on one of them had changed the date to whatever suited them. another i paid and they agreed to delete it all. one just let it go and it came off my credit report. I had one that just wouldnt give up so i paid them and they deleted it. The student loans are the ones that i couldnt get rid of. I had my student loans discharged but the negative remarks and payments wont go away for 7 years. That brings down your credit score. Especially when 6 student loans count as 12 collections and 120 days past due. If i would have called the credit repair guy right after that then i think most of the student loan stuff would have come off. Another thing that messes things up is an open dispute. They seem to stay in the remarks on your credit report forever and some lenders wont approve a loan until they are either paid off or you get the dispute remarks removed. 

[CreditInspired]

OP, so sorry.

This does not look good. Do you have a Realtor? If yes, please inform him/her right away. I say this because if the terms of financing changes from what is in the contract, I think that may be a cause for the contract to be voided. The Seller needs a heads-up because it would be difficult to close on different financing in 10 days.

Also, if you are able to go FHA, that means 3.5% down vs $0 down for VA. So, if Seller extends closing date, are you in a position to come up with the additional funds?

[Anonymous]

I misunderstood your question. As far as the caivrs, i think thats how its spelled. Im not sure if a credit repair place has access to the caivrs or not. That would be a good question for one of the loan experts. 

[Tazman81]

Hi OP:

Sorry to hear about the troubles you are having. I read the email that you got from your lending officer at NFCU. It sounds to me when you first applied, they pulled your credit. They then go through the report with you and use the application to identify items that maynot be completely accurate on your report. Maybe some liabilities you paid off but they had not reported 0 yet, and or there are some that were determined to be duplicates. All this is done during the initial application to get the most accurate representation of of your DTI.

Right before closing, most lenders pull your credit again. This is usually 30-45+ days after the initial credit pull. It seems they are seeing things on the new credit report pull that you (or your lending officer) listed as already being paid off. Those items are not showing paid off on the new credit report pull. Because of this, the underwriter now has to count the item toward your liabilities which likely has put your DTI over the limit allowed for a VA loan.

Can you have your lending officer find out specifically which items are showing up. If they truly have already been paid off, or truly are duplicates, provide the documents to the underwriter to show this. This should hopefully get you back on track for closing. If these are items that actually have not been paid off and/or are not duplicates, then unfortunately you would have to take care of them to get back on track with your loan.

Sorry to hear about the issues you are having. Hopefully the lending officer can let you know what those liabilities are so that you can see what your best next steps are. Wishing you the best.

[VALoanMaster]

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@Anonymous wrote:
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

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There maybe a couple of issues here.

1) They have a debt to income ratio issue because these accounts weren't included in the initial DTI calculations.

or

2) These accounts were marked as disputed on your credit report & therefore were not included in the original DTI calculations.

No matter what the case is, you need to have the LO explain, in detail, what the issue is.

I would highly recommend that you give up dealing with the big box banks for a mortgage & that you start working with a smaller, mortgage banker if you want to close on a loan.

[Anonymous]

Thanks everyone for the advice. There was a problem with my DTI because they factored student loans that are in forbearance into calculations and also an expense that has been paid off. I sent them all the information yesterday and just got the call for Cleared to Close

[Tazman81]

Congrats!  Glad to hear after speaking with the LO and finding out what they needed, everything worked out.

[Anonymous]

Awesome news!!!! Congrats!!!