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VAloanMaster

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    Central Texas

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  1. 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?
  2. 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.
  3. 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?
  4. VAloanMaster

    Current Interest Rates

  5. 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.
  6. VAloanMaster

    Help! Conflicting Mortgage Broker Information (School Loans)

    Hi NextGen24, I'm going to post the actual guidelines for each option, FHA, Fannie Mae & Freddie Mac. FHA - Student Loans (II.A.4.b.iv.(H) (TOTAL) and II.A.5.a.iv.(G) (Manual)) (1) Definition Student Loan refers to liabilities incurred for educational purposes. (2) Standard The Mortgagee must include all Student Loans in the Borrower’s liabilities, regardless of the payment type or status of payments. (3) Required Documentation If the payment used for the monthly obligation is:  less than 1 percent of the outstanding balance reported on the Borrower’s credit report, and  less than the monthly payment reported on the Borrower’s credit report; the Mortgagee must obtain written documentation of the actual monthly payment, the payment status, and evidence of the outstanding balance and terms from the creditor. (4) Calculation of Monthly Obligation Regardless of the payment status, the Mortgagee must use either:  the greater of: o 1 percent of the outstanding balance on the loan; or o the monthly payment reported on the Borrower’s credit report; or  the actual documented payment, provided the payment will fully amortize the loan over its term. Fannie Mae - If a monthly student loan payment is provided on the credit report, the lender may use that amount for qualifying purposes. If the credit report does not reflect the correct monthly payment, the lender may use the monthly payment that is on the student loan documentation (the most recent student loan statement) to qualify the borrower. If the credit report does not provide a monthly payment for the student loan, or if the credit report shows $0 as the monthly payment, the lender must determine the qualifying monthly payment using one of the options below. If the borrower is on an income-driven payment plan, the lender may obtain student loan documentation to verify the actual monthly payment is $0. The lender may then qualify the borrower with a $0 payment. For deferred loans or loans in forbearance, the lender may calculate a payment equal to 1% of the outstanding student loan balance (even if this amount is lower than the actual fully amortizing payment), or a fully amortizing payment using the documented loan repayment terms. Freddie Mac - Student loans in repayment: For calculating the monthly DTI ratio, use the greater of:  The monthly payment amount reported on the credit report, or  0.5% of the original loan balance or outstanding balance as reported on the credit report, whichever is greater Student loans in deferment or forbearance: Use the greater of:  The monthly payment amount reported on the credit report, or  1% of the original loan balance or outstanding balance as reported on the credit report, whichever is greater As you can see the guidelines are not that straight forward which is why there is so much confusion about how lenders are supposed to calculate student loans. Based on the numbers I've run, your best bet is to go with the Fannie Mae 3% down program BUT there are a couple of caveats. 1) This program has income limits based on where you're buying a home so that's the first thing we would need to look at. 2) Your debt to income ratios maybe tight depending on the purchase price & property taxes. If your debt ratios exceed the acceptable limit for Fannie Mae, you may have to go FHA. You may want to reconsider using a broker & go with a direct lender.
  7. VAloanMaster

    DHI Mortgage questions

    Hi Yessicade96, I'm pretty sure DHI will follow FHA's guidelines & ignore the medical collections.
  8. VAloanMaster

    denied for a 30 day late

    If you live in the home & you were late on the mortgage payments, 99% of all lenders are going to deny you because you've had multiple 30 day late payments in the last 12 months on your rent/housing history. The only "way" around this is if a lender can get you approved through an automated underwriting system & that system doesn't require a 12 month "rent" or housing history. Another factor that can complicate this scenario is it sounds like this is a non arms length transaction. If it is, an underwriter may want to see the mortgage history to make sure this isn't a foreclosure bailout situation.
  9. VAloanMaster

    VA and Things

    Hi Hanshi, No, there are no downsides to using a VA loan. VA doesn't have a minimum credit score requirement so it's up to the lenders to set what scores they're comfortable with. Some will go down to a 580 while others will only go down to a 620. If you want to keep your current home & rent it out you'll need to provide a lease agreement for at least 1 year as well as a copy of the cancelled check for 1st & security deposit. I would steer clear of condos if at all possible for multiple reasons but you can use your VA eligibility to buy one as long as it's VA approved. There are downsides to everything. Some downsides to a VA loan: 1 - Some sellers won't deal with a buyer who is using a VA loan for the purchase. A VA loan can be a dealbreaker in a competitive housing market. 2 - Unless the applicant is exempt, VA loans have funding fees, which can be significant. Up to 3%+ of the loan amount. 3 - They can take a long time to close. See #1. 1) That's not the sellers, it's their uneducated agents that are driving that bus. In a hot housing market, Cash is first followed by conventional & then VA or FHA so unless you have enough cash to buy outright all of the other options are secondary. 2) The funding fee is a small price to pay considering the fact that you're putting no money down, you don't pay monthly MI & you're still getting some of the lowest interest rates available. 3) VA loans don't take any more time to close than any other loan.
  10. VAloanMaster

    2010 Reaffirm

    Hi Wan2live, Unfortunately because you reaffirmed the mortgage your eligibility clock starts when the bank takes back title. In your case that was July of 2017 so you won't be eligible for an FHA mortgage for at least 3 years from that date unless of course the previous mortgage was FHA in which case you'll be in the CAIVRS system so you may not be eligible for 6-8 months after the initial 3 year wait.
  11. VAloanMaster

    VA and Things

    Hi Hanshi, No, there are no downsides to using a VA loan. VA doesn't have a minimum credit score requirement so it's up to the lenders to set what scores they're comfortable with. Some will go down to a 580 while others will only go down to a 620. If you want to keep your current home & rent it out you'll need to provide a lease agreement for at least 1 year as well as a copy of the cancelled check for 1st & security deposit. I would steer clear of condos if at all possible for multiple reasons but you can use your VA eligibility to buy one as long as it's VA approved.
  12. VAloanMaster

    Possible way to get mortgage after bankruptcy

    Not true. You can secure FHA or VA financing 12 months not 24 after filing a chapter 13 BK as long as you meet the rest of the requirements
  13. VAloanMaster

    TX FHA App, Would I qualify?

    Hi Dicktony, Depending on where you're buying in Austin, you may be eligible for a 3% down conventional loan with reduced PMI. I would at least compare it to FHA to see which option is the best fit for you. You may also be eligible to use one of the Texas down payment assistance programs which would allow you to use your money to pay off/down credit card debt while using the DPA for your down payment. The main idea here is to have someone that will explore all of the available options with you.
  14. That's interesting that NFCU will do a VA loan on a duplex but not a 3 or 4 family residence.
  15. Hi Coldbusted, What is your price range? VA did away with the higher loan limits for multi-family properties at the beginning of the year.

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