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VA Mortgage w/ Late Payment History

New Contributor

VA Mortgage w/ Late Payment History

So right now I'm working on GW removal of some late payment historys (30 and 60 days) from revolving credit. I currently have 1x 30 days late payment from almost 3 years ago, and several (15) 30/60 days spread out over 4 other accounts, dating back to 2012/2013. No collections on my history. I plan on having my utilization rate down below 10% when I do apply. I expect my score to be ~700 across the board when I do apply as well.

 

Do you think these late payments are going to kill my chances?



Starting Score: 613EQ - 642TU - 613EX (01/13/2018)
Score Change:__39______4______36
Current Score:_652EQ - 638TU - 649EX (02/04/2018)
_______________ Goal Score: 700
__Take the myFICO Fitness Challenge
Message 1 of 4
3 REPLIES
Established Contributor

Re: VA Mortgage w/ Late Payment History

These are old. If you can get some removed Great but if the last happened 3 plus years ago then I wouldn’t worry. However be prepared to write a reasonable letter of explaination UPFRONT about what was going on in your life at the time these Late Payments happened. Be specific and spell out what was happening in your life at that time. Unemployment, Medical etc. I call it the “I’m so sorry, learned my lesson and won’t ever do it again letter”.
Message 2 of 4
Established Contributor

Re: VA Mortgage w/ Late Payment History

Will have no impact on approval at all.  VA loan only cares about no lates in last 12 months on an open mortgage-you're good!

" EX 683 EQ 691 TU 687 MMS 689"
Message 3 of 4
Established Contributor

Re: VA Mortgage w/ Late Payment History

Hi TeamXDR,

 

All of your lates are so old that they won't have any bearing at all on your VA approval.

The VA guidelines require a clean 12 month history (does allow exceptions for 1-2 30 day lates) so you're good to go. 

National Mortgage Banker.
VA Mortgage Expert.
Message 4 of 4