Want to obtain VA Mortgage in 2014-Any advice on prepping for this?

[smelkersgirl]

I am currently discharged from a Chapter 13 Bankruptcy since June 2011. Part of that was all of my CC debt, Foreclosure on house and home equity loan in 2007. I have no outstanding debts, a paid off vehicle, and a strong income. My husband is former Navy, had a foreclosure in 2009 (before we were married) and is in a CH 13 plan til next February. Around April/May 2014 we want to apply for a VA loan with about 10k down. Currently I am an authorized user on my mom's Chase Disney Visa with a 10k CL. (Noticed that's on my credit report). I also opened up a USAA Secured CC with a $350 limit that I am using to pay my cell phone and internet bill and then paying off every month. I have three PAID collection accounts listed on my report that never got added to my bankruptcy (they were created afterwards). Anything that will improve my credit score in the next year other than time at this point? Thanks in advance for your feedback/advice. I've found this forum to be quite helpful/useful! And I'm ready to be a homeowner again! Renting stinks!

[mzware]

You want to Google VA underwriter guidelines. This was great for me. I also was in a ch 13 and actually discharged yesterday after 5 long years. I decided to buy a home prior to discharge only because the lender score requirements dropped to 600 midscore. Also I was told I couldn't have any collections with a balance. Hope this helps

[CycleNKY]

Do yourself a favor and get 2 more secured credit cards or try to get in with Navy Federal. You can also go to www.53.com and get a secured card minimum 300 $ limit.

I am recently discharged and in underwriting as we speak.

[smelkersgirl]

Thanks mzware, you give me hope! I've been reading through alot of discussions in this forum to find underwriter guidelines and I think we are in good shape. I guess I am looking to avoid any reasons why they WOULD decline us. You don't realize how delicate your credit is until it blows to pieces.

[smelkersgirl]

Thanks CycleNKY! From what I've  thought Navy Federal is only active or retired, not all veterans. Would you suggest I wait between obtaining the secured cards? Like a few months between each? Or does it matter? And good luck to you in your underwriting.

Also, when should you start the process of obtaining a mortgage or a pre-approval? Say if I want to buy a house in May, I should start in February/March? From what I've read on here, the VA loans can take a few months?