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Found 10 results

  1. I'm looking for some info on VA second tier eligibility requirements. I have a current home in Kentucky I used my basic eligibility on, that home is a rental now. Work has moved me to Georgia and I'd like to purchase here. Reading I have done says I may be eligible for another VA backed loan using second tier eligibility. I'd like to discuss with an experienced VA Loan broker if possible. I have good credit (over 730) and good income. Thanks, Robert
  2. Beginning to home shop and going to go VA Loan. Non-Married Partner is Eligible Vet. Some unique circumstances though and hoping for some insight: We are not married nor are our banking accounts tied He's the eligible Vet, I am not His income is under $75K/year My Income is well over $75K/year His credit is good, my credit is better Based on income, credit, downpayment etc....Can we apply jointly and get approved to be on the same VA Home Loan? My income and credit will boost the numbers while his eligible VA Status gets us the VA Loan deal. Not sure if VA Loan requires us to be married to both be considered on the loan while qualifying factors that would get us approved...are significant though we're not married. Does VA Care about this? Or is it like any other loan....adding someone like a co-signor or second applicant? Thank you
  3. We are post BK 2009. All of our payments in the last 2 yrs or longer are on time, paid as agreed. We had 1 private student loan reporting as a CO. It was due to fall off in less then a year. Mortgage broker says we need to handle it. I called and got them to settle. It will read "paid settlement". I know it's still derogatory....but will this satisfy the VA? My understanding is that they don't want an outstanding balance that is still owed.
  4. I have a question about VA loans for any underwriters or lenders familiar with the process. I see that VA guidelines require 12 months history on where you live. My husband has been in the military for a little over a year, so we have been on base housing and they simply take our BAH. If they need 24 months of history he lived in a house that is mortgaged by me before that. I have a house in my name, and my name only. It's where we lived before he enlisted and it's currently a rental property. About 3 years ago we had an unexpected child. I had to stop working and I got behind on my mortgage (I was putting my husband through an internship he ended up having to abandon). I repeatedly tried to modify my loan, and my husband had quit his unpaid internship and got a new job. They refused to work with me to modify my loan until we were 3 months behind on payments. As a result we ended up constantly being about 1.5 months behind while we tried to save up to actually catch up. We had finally gotten to only about 3 weeks behind on payments when my husband's new company started going under and laying off everyone. He ended up getting a new job while he worked on enlisting, but we ended up 3 months behind. They sent me a foreclosure notice, and we were able to fix it immediately due to his new job. There has not been a late payment since October 2012 (18 months ago), when we finally caught up and stopped the foreclosure. It was not actually foreclosed on, just the proceedings started. He is not on the mortgage in any way, shape or form. He is the one applying for the VA loan, and I am not a co-signer. I know VA loans require two years since an actual foreclosure, but the house was never foreclosed on and I still have it. How will this affect the underwriting process? It does not affect his credit as it is not in his name. Thanks for the help!
  5. Long story short Jan 2012 Short Sale Repo and Divorce dropped my Credit Score to 495. After reading everything on this site about 20 times and following all your great advice I decided to pull the trigger yesterday and applied for a VA mortgage with Veterans United. Got instant pre approval for 300k!! The only condition is I can't close untill Jan 27 at the earliest due to Short Sale needs to be 2 y/o which is not a issue since I haven't found a house yet lol. Basic info since I,m sure someone will ask. Exp 688 EQ 682 Tu 680 Income 75k same job 12 years The good No lates 26 months Santander Auto 15k Nov 2011 never late Sun Coast CU $500 cl 0 Balance Navy FCU 20k cl 0 Balance Cap 1 1500 cl 0 Balance Walmart 1100 cl 0 Balance Care Credit 3000 cl 900 Balance USAA 250 cl 0 Balance The Bad Repo 26 months old Settlement less than full amount 0 Balance Short Sale Chase Jan 2012 0 Balance Thank you again credit boards family if I can do it you can also just read and follow the advice. Oldest account 12.7 years Average AOA 2.9 years 1 inquiry EQ
  6. Here is my scenario. I currently make 90k from my fulltime employer and for the past few years i was also running a consulting business that was losing money each year. I included my business losses about 25k on my schedule C of my 1040. I am no longer running the business and am trying to get a mortgage approval to use my VA backed loan. With the past two 1040's my income takes a pretty good hit even though the business was financed from my past savings. Is there a way to do get my approval up. I am only being approved for around 300k and I really need 450k for the house i have found. I only have a 450 dollar car payment so my debt to income is pretty good. My current rent is 2275 so I would be able to handle the mortgage. Any ideas how a broker can get this deal done. Current scores are 649, 715 and 720.
  7. I just closed on my house last week using NFCU VA loan! Before starting my search, I submitted a pre-approval app. My FICO was 659 at the time (climbed to 699 by closing). I have a couple of charge offs and a late payment, all of which are at least 5 years old. They asked me to provide statements for each of the baddies on the report. After submitting that, I was pre-approved for the amount I requested ($300k) @ 3.125%. They sent me a letter with my preapproval amount for my Realtor to use. I believe this letter is good for 30 days. A few weeks later I found a house that was 10K over my pre-approval amount. I simply contacted NFCU and requested a higher amount. They approved it within 24 hours and sent me a new letter with the updated amount that I could use with my offer to the seller. Unfortunately, I am in a really competitive sellers market right now and that house had several other offers that I lost against. However, I ended up finding something I loved even more for $285K a few weeks later. Someone else submitted an offer at the same time but the seller needed rent back so I offered them the full 60 days allowed and my offer was accepted. By that time, interest rates had climbed to 3.5% before I could lock it in (pre-approval is floating rate). By closing it had already passed 4% so I am happy with my rate. The process was really smooth. I electronically signed most of the mortgage documents and printed/signed/faxed the others. I handled everything online, even though I have a local branch. They applied a $2500 credit to my closing cost (current promotion). That combined with the sellers rent back payment, I ended up receiving a $500 credit at closing. I did have $3000 in escrow at the start of the contract. At closing, they informed me that NFCU will be mailing me a $200 Visa gift card as a "thank you". I expected this whole process to be very stressful but I had an amazing realtor, sellers that were easy to work with and an awesome lender. I encountered very little stress during the whole process. I am now a landlord while I patiently wait for the end of August to get here so I can get moved in
  8. Good morning everyone. About eight ( october 2012) months ago I started the journey of getting a new home. My wife and I started to build from the ground up. When we first started this journy and pulled our first mortgage app my three scores were all in the low 500's. I knew this would not cut it, I also had a foreclosure in 2009 and knew that would only add to the burdon. Well after the first pull every voulture in the world attack what seemed to be all at once and I though I would never be able to fight them off and figured the mortgage would never happen. Well after a ton of hard work and a ton of help from Icanhasmuny and all of her knowledge I was able to fend off every singel attack all while improving my score. So in November we findout we are pregnant with our third child we were so excited! Soon after we found out it was a boy! We already have two wonderful girls. So my determination went into overdrive, I did everything perfect and followed all of the great advice here, especially Icanhasmuny. So in March we get the word that our scores were all over the 620 minimum to qualify! Finally my scores improved over 115 points on each report! WOOOOOOOO! There was one problem though, we still could not get an automated approval, because Chase bank decided that after they charged off our second mortgage in 2008, that they would hit us with a random 180 day late two years later in June of 2011 effectivly reseting the two year clock for negative mortgage activity for the VA. I was told that we would be going manual and I know how that usually goes. The auto kept saying negative mortgage activity in the last 24 months. So I started fighting Chase over the random 180 no go for three weeks, hours on the phone daily, tons of letters and could not get anywhere. So I dug further and eventually had employees admitting to me on the phone that there was no reason for the 180 but the credit department refused to change it. So I dug further, I find out that Chase has basically NO information on the loan, nothing! I demand to know how they are reporting like this if they don't even know it the information is true! Finally I sent a letter to Chase investigation department with very specific questions, I got a responce that they were looking into it, guess what, never heard back. But something interesting happend in the beginning of April, all of the lates on every report were erased on the second mortgage except for one 30 day late and one 60. The reason being, they had no proof or any idea of any of the other dates they were reporting. A few weeks later I get a call that we got the automated from all of my hard work! We were so stressed and tired and beat, I was up all hours of the night researching, checking alerts, writting letters, I was beat! Then tragety struck our family. On April 24th 2013 we went in for our 25 week check up on the baby, this is where we were told his heart had stopped beating and that our son Jacob had passed. It was son confusing because everything was going perfect! This was not a misscairage, on April 25th 2013 at 4:25 am in the morning ,our 13" long 9 oz son was born and delared dead. This was the most horrible thing that has ever happend to my family. We sufferd for weeks there was so much pain. We had Jacob cremated and his ashes are wit hus now. Yes we had to deliver our dead son as a still birth. Everything was going so well after all of the hard work I did and we were all so excited and our world crashed. My next fear was that if we lost out on the house that this would just add to the pain and dissapointment for me my wife and two girls who are 10 and 6. I worked so hard, did everything asked of me with no complaints to the processor or anyone else in the mortgage side I just wanted the house for my family. Once we got into underwriting I was going to die from stress and worry, but the loan came back with no additional conditions for me, all conditions were for everyone else! Well on June 7th 2013 my wife and I finished our closing at 11:00 am and the loan was funded at 12:30 pm and we had the keys by 1:00 pm. This has helped a lot with the recovery as it is allowing our minds to be else where for a little while, but let me tell you just writing about the loss of my son made me break down, it still hurts like nothing I have ever felt. Any way I want to say thank you to everyone here for all of their great advice and for sharing their stories. But a special thank you goes out to Icanhasmuny, without your advice and help I probrably would not be a home owner today, thank you so much! I will post a pic of the house later. Again thank you, David
  9. I'm a newbie and have been reading a lot and I think I'm more confused that when I first started this process! I am trying to clean up my credit after realizing how bad it was. We are trying as hard as we can to be able to qualify for a VA home loan and need to clean up our credit as soon as possible. I know that I need 12 months of no late payments and a score around 640. Here's a run down of my current credit status: TU: 662 - April (590 - March) EX: 593 - April (585 - March) EQ: 610 - April (578 - March) I've been really trying to pay my payments on time and have not had a late payment since November. I also got a VISA through Credit Union with 1K limit. This last month looks good with my scores, but when I just checked my report it's showing 2 late payments from my old bank for a loan. I did call and explained my situation with the loan person and she said she would look into getting those off my report. Payment was due 3/1 and wasn't paid (husband's fault, we changed banks and didn't have money in account to pay for loan payment) until 4/5, but report was sent to credit bureau on 3/28 when loan wasn't 30 days late. Also report says it's late for March and April. I asked for a goodwill adjustment over the phone and that's what she's checking into. If that doesn't work I'll maybe try a written goodwill letter. The late payments last year were from student loans that were not late but were in consolidation, but were reported late. I have talked with student loan people and they said they couldn't take the late payments off the report, but I have not sent anything in writing and wasn't sure how successful student loan late payments were at getting removed.
  10. The buyer of my house had a VA pre-approval from an out of state lender (MO). We did not know he had a previous VA loan that was surrendered. His elgibility for caivers clearance was 2-23-13 but none of us were aware of the 45 day waiting period. We were suppose to close on 3-6-13 but are now on hold until the lender has a written caivers clearance. Does anyone know how or who can help him get a clearance without waiting the full 45 days?

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