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Discussions tagged with 'CASE SCENARIO VA LOAN WITH BAD CREDIT'
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I’m an active-duty U.S. Navy First Class Petty Officer currently stationed in Japan and preparing to return to Mississippi.
I’m looking to purchase my family’s first home using my VA home loan benefit. My wife, son, and I are looking in the $240,000–$250,000 price range.
I’ve been watching your videos about VA loans for borrowers with lower credit scores and manual underwriting. I used your DTI calculator, and my debt-to-income ratio is approximately 41.8%.
Over the past few months, I’ve been working hard to strengthen my mortgage file. I recently resolved two collection accounts, I’m continuing to save for the home-buying process, and we currently have approximately $12,500 in savings.
I do have some previously reported late payments on my credit history, but all of my accounts are current today, and I’ve submitted goodwill requests to two of my creditors because those late payments resulted from autopay issues that I corrected as soon as I became aware of them.
Before I spend money on applications, I’d like to know if my file is something your team would realistically consider for a VA loan, and if so, what documents you would need from me to begin the pre-approval process.
Thank you for your time, and I look forward to hearing from you.
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