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  1. VAloanMaster

    Garnish or Rehab?

    Congrats on getting it taken care of. Good luck.
  2. VAloanMaster

    VOM always required?

    I would hold off on paying your installment accounts off because that could have a negative impact on your credit scores. As far as the VOM goes, it depends on a couple of things. 1) If the Automated Underwriting System doesn't request it, most lenders won't ask for it. This is your best hope. 2) If your loan has to be manually underwritten, a 12 month verification of rent or mortgage payment will be required. In most cases, an underwriter will automatically deny a loan when you have BK & late payments after the BK especially when the late payments are housing related.
  3. VAloanMaster

    Garnish or Rehab?

    Yeah I was going to mention that you should call the Department of Education & ask them what your options are. I've had clients get their student loans rehabbed with them in 3 months instead of 9 because the CA didn't offer them all of the available options. The biggest benefit to rehabbing the loans VS letting the CA garnish is that once you complete the rehab, the Department of Ed will clear your husband from the CAIVRS system which would have prevented your husband from qualifying for a government backed mortgage (FHA, VA, USDA) with most lenders. Does that make sense?
  4. VAloanMaster

    VA mortgage question

    Hi Jmdorozco, You typically don't want to mess with collection accounts unless you're told to by an underwriter or you can get the collection account deleted. Just paying them off doesn't do anything for your scores for a while so you want to focus on the things that will impact the scores right now. What was the balance & limit in the credit card you just paid off & what is the balance & limit for the other 2 accounts? I think you have a good chance of getting pre-approved right now & as long as you keep working on bringing your scores up it should improve over the next 30 days.
  5. VAloanMaster

    Help!! Question about an old student debt and mortgage...

    Hi Kevinwill, At this point I would say the student loans are no longer a legally enforceable debt but that's a whole different Oprah. What type of loan did you get back in 2002? A couple of quick points. 1) With your score, your rate & PMI will be pretty high on a conventional loan. 2) A lot of lenders pull CAIVRS on conventional loans. I think the main reason for this is because Fannie Mae & Freddie Mac are in conservatorship under the FHFA so they are government backed in a sense. The 2nd reason for this is CAIVRS is another "credit" tool that lenders can use to determine their risk. Are you sure your student loans were government backed? If they were & you're sure you're in the CAIVRS system then you are better off getting the student loans in to a repayment program ASAP. Once you've made 3 monthly payments on time you can look at getting an FHA loan.
  6. VAloanMaster

    VA mortgage question

    Hi Jmdorozco, Yes there are lenders that will work with your scores & even some who will help you raise your scores with a rapid re-score to improve your rate & your chances of getting approved once your file hits underwriting. A lot of lenders will not provide rapid re-scoring services because it costs $40+ per account, per credit bureau & they can't charge the consumer for it.
  7. It depends on the situation. If you are buying the home from a relative then the "equity" can be gifted to you & it will treated just like a cash down payment of 20%. This would allow you to go with a conventional loan with no money down & no PMI. If you are simply buying a property under value, then the underwriting guidelines require lenders to use the lower of the 2 between the sales price & the appraised value.
  8. VAloanMaster

    VA loan after Chapter 7

    Hi OnMyOwnMom, You both have to be 2 yrs post discharge to be on the loan. As far as getting married goes, it doesn't really matter if you do or not. Does your fiance need your income to qualify & what state are you in?
  9. VAloanMaster

    Advice Needed...Fannie Mae Mortgage

    IMHO the correct analogy to the OP's AT&T issue would be this: The gas company left all of the windows open while they were in your home for a service call and used a backdoor in your smart thermostat to set it at 88 degrees all without your knowledge. Would you pay the gas company? To the OP. Prime Lending is a decent lender. Yes you should get pre-approved, NOW before you do anything else & make sure you get a 2nd opinion. No, the collections do not necessarily need to be paid before you get pre-approved as long as the lender can work with your current score. Some lenders require a 620 or better for FHA while others can go down to a 580. The key with the collection accounts is to target the accounts that have reported recently because the older accounts that haven't reported in a while are having less of an impact on the scores & if you pay them off, they will drop your scores when the update to show paid.
  10. VAloanMaster

    Va loan. Are they any companies thats don't pull cavairs

    How old is it & how much? Your friend my not have to pay it off or get a clear CAIVRS to close on a VA loan depending on the lender & scenario. They will likely need a good letter of explanation.
  11. VAloanMaster

    Post Chapter 7 Refinance

    It will be 2 yrs post chapter 7 discharge for VA. Did you continue making your mortgage payments during & after the BK?
  12. Dispute the account with all 3 credit bureaus. According to the Fair Credit Reporting Act, the bank can only report this account for seven years after your original delinquency date. If your last payment was made in 2008, this account should not be reporting at all on your credit. You may need to file a complaint with the CFPB. Good luck & let us know what happens.
  13. VAloanMaster

    VA mtg - Can I get a mortgage with lates?

    Hi Vicki5678, It is possible with a really good letter of explanation & the right lender. Having 10% down is a really good compensating factor & you more than likely won't need to "use" it. How many credit cards are talking about?
  14. VAloanMaster

    Current Interest Rates

  15. VAloanMaster

    any chance of approval

    How do you end up with 3 chapter 13 bks? Are you VA eligible? Most underwriters are reluctant to approve a mortgage with a single bk & any type of derogatory credit after the fact. In your case it's 3 bks and a 90 day mortgage late in the last 12 months so I honestly don't think anyone would approve you for a conventional or FHA mortgage. You're probably looking at a hard money type of loan which requires 20% +/- down & a much higher rate.

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