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Va loan with lates

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New Visitor

Va loan with lates

Hello my husband is a veteran and his score is good enough to get a loan but he has recent lates. 1- 90 day late and 2-60 day lates but we were unaware of the lates until it was to late. A debt company lied to him and told him they were helping repair his credit and take care of his debt. He paid monthly into an account and they said they would make sure the accounts got paid but they didn’t. After finding out about the lates they told us that they make the accounts go into default and then settle the debt for cheaper. We were unaware that is how they work. Is there anyway to still get a home loan if we explain how the lates happened or are we screwed and have to wait til the last late is a year old?
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Valued Contributor

Re: Va loan with lates

Is this one acct or multiple accounts and when Exactly did this happen? Have you pulled your Fico Mortgage Scores? Not the free scores you get with your credit cards or credit Karma.
VA does like clean credit for a year but there are special circumstances however I’m afraid the lates and the resulting credit scores and going to be an issue. When was the last late and go pull your Mtg scores (3 Bureau for each of you).
I’m so sorry you trusted those scammers Smiley Sad
Message 2 of 4
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Community Leader
Valued Contributor

Re: Va loan with lates


@Atoro-93 wrote:
Hello my husband is a veteran and his score is good enough to get a loan but he has recent lates. 1- 90 day late and 2-60 day lates but we were unaware of the lates until it was to late. A debt company lied to him and told him they were helping repair his credit and take care of his debt. He paid monthly into an account and they said they would make sure the accounts got paid but they didn’t. After finding out about the lates they told us that they make the accounts go into default and then settle the debt for cheaper. We were unaware that is how they work. Is there anyway to still get a home loan if we explain how the lates happened or are we screwed and have to wait til the last late is a year old?

Hi Atoro-93,

What is your husband's middle score?

It maybe possible to still get approved but you'll need to work with the right lender.

I recently helped a Veteran get approved with multiple late payments on an existing mortgage, so it is possible.

VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
Message 3 of 4
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Established Contributor

Re: Va loan with lates

Boy that one hurts! I've heard about some Consumer Credit Counseling Companies doing business this way. That said, anything is possible. If you can show that the paper trail of how you were mislead, taken advantage of, etc. it is possible. Like my colleague asked, it just depends on your credit scores. The VA AUS (automated underwriting system) sometimes amazes me. I have seen it allow or overcome recent lates if your scores is high enough. It just depends.

Mortgage Banker - Since 1988 offering FHA, VA, USDA, Conventional, Jumbo, Portfolio and NonQM Loan Products. Licensed in AL, AR, AZ, CA, FL, GA, IL, IA, IN, LA, MI, MO, NC, NE, NV, OH, OK, OR, SC, TN, TX, VA and WI.
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