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VA loan process inquiry (NFCU)

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VA loan process inquiry (NFCU)

I have been working on cleaning up my credit reports and paying down my debt in preparation to purchase my 1st house using a VA loan.  I have been able to clean up 2 of 3 credit reports and was down to having 4k in debt although I have had to add about 9k of new debt these past 2 months (I am still planning to have most debt paid off by Nov.).

 

Should I start the mortgage process now or wait until I pay off my debt and the one negative items falls off of my account?  I have read that lenders pull all three credit scores and use the middle score and am unsure how this works.  

 

 

FICO Mortgage Scores

EX: 793

TU: 787

EQ: 664 (I have a CO account that is due to fall off on Nov '19 and is the ONLY negative item on my report)

 

NFCU Amex 7,000/25,000 (opened Apr '19)

NFCU Visa 4,000/15,300

NFCU LOC 2,000/10,000

AAFES 2,000/8,200

3 REPLIES 3
Community Leader
Senior Contributor

Re: VA loan process inquiry (NFCU)


@SSgtUSMC wrote:

I have been working on cleaning up my credit reports and paying down my debt in preparation to purchase my 1st house using a VA loan.  I have been able to clean up 2 of 3 credit reports and was down to having 4k in debt although I have had to add about 9k of new debt these past 2 months (I am still planning to have most debt paid off by Nov.).

 

Should I start the mortgage process now or wait until I pay off my debt and the one negative items falls off of my account?  I have read that lenders pull all three credit scores and use the middle score and am unsure how this works.  

 

 

FICO Mortgage Scores

EX: 793

TU: 787

EQ: 664 (I have a CO account that is due to fall off on Nov '19 and is the ONLY negative item on my report)

 

NFCU Amex 7,000/25,000 (opened Apr '19)

NFCU Visa 4,000/15,300

NFCU LOC 2,000/10,000

AAFES 2,000/8,200


IMHO, since you just opened a new account in Apr, your middle score is yucky (EDIT: sorry, middle score is 787 so not yucky), and every CC has a balance, I think you should wait until Apr 2020 before applying and take that opportunity to work on all the things mentioned. Then you will be in an excellent place to get a mortgage with a great rate. 

 

GL2U

GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 800
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 2 of 4
Established Contributor

Re: VA loan process inquiry (NFCU)

A 787 MMS!! What are you worrying about?  That will get you top tier rates and as long as the income is there then you don't have to worry about the current debts- pull the trigger now if you want- you can't do any better than what you have.

" EX 698 EQ 701 TU 707 MMS 705"
Message 3 of 4
Valued Contributor

Re: VA loan process inquiry (NFCU)


@SSgtUSMC wrote:

I have been working on cleaning up my credit reports and paying down my debt in preparation to purchase my 1st house using a VA loan.  I have been able to clean up 2 of 3 credit reports and was down to having 4k in debt although I have had to add about 9k of new debt these past 2 months (I am still planning to have most debt paid off by Nov.).

 

Should I start the mortgage process now or wait until I pay off my debt and the one negative items falls off of my account?  I have read that lenders pull all three credit scores and use the middle score and am unsure how this works.  

 

 

FICO Mortgage Scores

EX: 793

TU: 787

EQ: 664 (I have a CO account that is due to fall off on Nov '19 and is the ONLY negative item on my report)

 

NFCU Amex 7,000/25,000 (opened Apr '19)

NFCU Visa 4,000/15,300

NFCU LOC 2,000/10,000

AAFES 2,000/8,200


Hi SSgtUSMC,

 

You're good to go right now!

 

FICO Mortgage Scores

EX: 793

TU: 787

EQ: 664 (I have a CO account that is due to fall off on Nov '19 and is the ONLY negative item on my report)

 

When we pull credit, we go with the middle of the 3 credit scores.

In your case the mid score is TU at 787.

EX is your high score at 793 & EQ is your low score at 664.

VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
Message 4 of 4
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