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VA Loan with Late Payments in Past 12 Months
My husband and I recently moved to Indiana from WA, we sold our home there which was a VA loan, however we had late payments on the mortgage due to some health things I went through last year. We know are trying to find a new option for living as currently living with a friend to get our self established in new jobs in a new state but we really need to find a 4 bedroom and the price or rent compared to buying is so crazy, I dont know that we can requalify for a VA loan with the late payments but he does get a 70% disability rating through the VA. What other options might we be able to explore. I know this month I got rid of a car loan that was my daughters on my credit and so we are trying to raise the credit scores to also help with the approval process. Also to note for the loan amount question above we found a property that is at 380,000 on market but there is also a few higher and lower that we would be willing to look at the amount changing if we could get some kind of approval to not have to rent. (Another lender told us our only option is to rent for a year) Email is best contact for me, thank you for your time.
All in all, can I get a VA Loan with Late Payments in Past 12 Months and if I cannot, what can I do to rebuild and re-establish credit to get approved for a VA loan or another type of alternative home loan. Thank you.
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1 Reply
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The department of Veterans Affairs has the most lenient agency guidelines on VA loans. The VA has a reputation of going above and beyond to help its active duty, disabled, or retired members of the United States Military qualify and get approved for a VA loan. There are no minimum credit score requirements on VA loans. There are no maximum debt-to-income ratio on VA loans as long as the borrower has sufficient residual income. The waiting period after bankruptcy, foreclosure, or other housing events is two years after the recorded date while other government-backed loans and conforming loans have waiting period after bankruptcy and significant housing event is three years to seven years. You do not have to pay outstanding collections or charge off accounts to be eligible and get approved for VA loans. VA loans do not have a cap on the maximum loan amount. The bottom line is the VA has the best mortgage loan program with the best rates and terms and lenient loan guidelines. However, from many years of experience, it is almost impossible for a borrower to get an approve/eligible on VA loans if the borrower has any 30 day late payments in the past 12 months. The team at Gustan Cho Associates has a national reputation for being able to close VA and FHA loans with credit scores down to 500 FICO. Many of our borrower do have derogatory credit tradelines, outstanding collection and charge-off accounts, late payments, repossessions, and other types of derogatory credit tradelines and in most instances, we breeze through the loan process and close VA loans in 30 days. However, one thing in common that all of lower credit score borrowers have is timely payments in the 12 months. Please take a look at the attached guide on VA loans with late payments by clicking the link. Don’t hesitate to leave a comment or call or text us. Thank you again for giving us the faith and trust with your mortgage inquiry.
Recent Late Payment VA Guidelines
gustancho.com
Recent Late Payment VA Guidelines
Recent Late Payment VA Guidelines says late payments in the past 12 months isn't always a deal killer in getting approved per AUS FINDINGS
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