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VA Loan Question Need Advice

New Member

VA Loan Question Need Advice

Do we even have a snowballs chance?


We are looking at purchasing our first home for around 90,000.

DTI is at 12%

We have three active trade lines

two auto loans total monthly is $530

one cc montly min pymt is $30, there is no balance on this card

Annual gross income is about 54000


Biggest question is we have one late from Jan 10 on one active tradeline, and

have four lates (Oct'09 Nov'09 Dec'09 Jan'10  yes i know this is bad) on a closed paid in full auto loan.

BK in 2005


Credit scores are 610 EQU, 640 Trans EXP???


is it even worth the trouble???


Message 1 of 3
Senior Contributor

Re: VA Loan Question Need Advice

VA does pull credit.  


It would be worth it to start GW letters for the lates.   Be honest and explain the reason the lates happened, how you communicated with them (the creditor at the time) and how you need it removed for the purchase of a home.


Good luck!


ps - call the VA and talk to them.  They will give you some basic parameters of what they are looking for.   They will share information that will help you decide whether to go for it or not, without pulling your credit.  But if you want them to, they will pull your credit and tell you over the phone if you are eligible.  (Least they did for me when I called to get info.)

Message 2 of 3
New Contributor

Re: VA Loan Question Need Advice

VA loan is way easier than you believe.  Go to VA website and they will breakdown all the mandatory criteria for lenders.  You don't look bad at all. I think your only issue is that late in Jan 2010 because (if I remember right) one of VA criteria is no lates in the past 12 months. They don't care about the entire 7 years but they will look at the past 12 months.  So you either need to send a GW, or wait a couple more months. As far as your mid-score, most banks threshold is 620 for VA but many will do loans under that.  I did mines a year ago at 603.  Good Luck!

Grill Master now has a house! Closed 8/26. Yay!
Message 3 of 3