My husband and I are having our file sent to uw for a VA loan though Wells Fargo. Our closing costs are being paid by the builder. We don't have any reserves because we've been actively paying off items on our credit to improve the scores. We have a 613 and 603 mod scores. I did have to write a letter of explanation already regarding the reserves and also we had 3 NSFs on our bank statement for one month. What are people's experiences with WF VA loan process? Our debt ratio is very low and we don't have any lates in 12 months on car payments/ credit cards. Any feedback would be appreciated. Thanks! We are so nervous!
My husband and I are currently working with a mortgage broker on a VA loan. Our mid scores had to be 620 and he really wanted 640. Did WF say they could do the loan with your scores? Or are you going for a pre approval?
Starting Scores:TU/513 EQ/484 EXP/513 3/2012 (lender pull) Current Scores:TU/681 EQ/637 EXP/613 11/2012 (lender pull) Goal:700 across the board
We were told by several different loan officers WF that the min score needed was a 600. That's odd you were told something different. We were told once we reach a score of 600 or greater she could submit our file to UW for an approval. She told me to write a letter of explanation regarding a couple old collection accts and our lack of reserves, after I told her we were flooded in medical bills that we paid off as a result of not having reserves.