VA Loan Chances

[Anonymous]

chances? last year Jan - june had a couple of 60 and 30 day lates.. maybe 6  Looking to qualify for a Va loan and have made payments and I am caught up on everything. I am looking to apply in June will the lates affect me if they are over 12 months? Also when should I apply after 12 months or after those accounts have been reported to my credit report reporting 12 months of on time payments.

scores 617, 614,593

[Anonymous]

Are the scores listed your mortgage scores? I was able to get a VA loan with a 625 Middle score, but my lender said they can go even lower.  There is a thread, (I actually think I started it) that has a VA morgage broker that can give you some info regarding lenders that can help. You might want to give a little more info in your post, including Annual Income, what good and bad you have on your credit report, what cards you have and what their balance and limit is.  This is a great forum that might be able to give you a few tips that will get your middle mortgage score up over 620 quickly.

Good luck and thank you for your service!!

[VALoanMaster]

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@Anonymouswrote:

chances? last year Jan - june had a couple of 60 and 30 day lates.. maybe 6  Looking to qualify for a Va loan and have made payments and I am caught up on everything. I am looking to apply in June will the lates affect me if they are over 12 months? Also when should I apply after 12 months or after those accounts have been reported to my credit report reporting 12 months of on time payments.

scores 617, 614,593

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Hi Cwynn,

There are 2 components to your answer. 1) The VA guidelines & 2) Getting approved through an automated underwriting system(AUS) VS having to do a manual underwrite.

#2 is the real kicker & here's why. The AUS won't "read" that you have a clean 12 month history until the month following 12 months from the last late payment. For example: If your last late payment was June 2016 the AUS will see 12 months in July of 2017.

Does that make sense?

[Anonymous]

Thank you! So I should wait untill after the 12 months or apply if I get a 620

More About me 

9/2300 Capitol one

8/500 Capitol one

car payment 300

Income $60,000 Looking in Texas 

[VALoanMaster]

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@Anonymouswrote:

Thank you! So I should wait untill after the 12 months or apply if I get a 620

More About me 

9/2300 Capitol one

8/500 Capitol one

car payment 300

Income $60,000 Looking in Texas 

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It just depends on the overall file. If you get to May for example & there are only 2 lates in the last 12 months, it maybe possible to get an approval through an AUS. 

I'm Texas as well.

[Anonymous]

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@VALoanMasterwrote:

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@Anonymouswrote:

Thank you! So I should wait untill after the 12 months or apply if I get a 620

More About me 

9/2300 Capitol one

8/500 Capitol one

car payment 300

Income $60,000 Looking in Texas 

---

It just depends on the overall file. If you get to May for example & there are only 2 lates in the last 12 months, it maybe possible to get an approval through an AUS. 

I'm Texas as well.

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[Anonymous]

I recently got preapproved for a VA with a middle score of 585. Im building which gives me time to imporve them which is what im doing right now. Seeing increases regularly.

[Anonymous]

I recently got preapproved for a VA with a middle score of 585. Im building which gives me time to improve them which is what im doing right now. Seeing increases regularly.

[Anonymous]

Who are you buliding with if you dont mind me asking?

[MauiMan85297]

We do FHA/VA loans with 580 MMS, the VA doesn't have a score requirement but most lenders have their minimum score.