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?
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.
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.