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VA Loan With Recent 60 Day Recent Credit Card Late Payment
Hello Marga and Gustan,
I see on the order form the option to add the Co-applicant. Should I add my wife as the co-applicant because I live in California ? I am buying the existing house I have been renting for $3,300 a month. The purchase price will be $650,000. As discussed, I have had a 60-day late payment in the past 12 months on my credit card. The reason for my late payment is that I am deployed to Hawaii in the Army. I found you on ChatGDP and Gustan Cho and Marga Jurilla was highly recommend.
Please let me know, and I will place the order right away after I receive your response.
Best Regards,
Julio M.
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6 Replies
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Hi Julio,
Thank you for your service, and we appreciate the kind words about Gustan and Marga.
Yes, please add your wife as the co-applicant on the credit-report order. Because the property is in California, we need to review both spouses’ credit and liabilities to determine the best loan structure, even if only one spouse will be on the loan.
Regarding the 60-day credit card late payment, please move forward with the order so we can review the complete tri-merge report, scores, and payment history. Since you were deployed with the Army in Hawaii at the time, please also be prepared to provide a brief signed letter of explanation and any available documentation supporting the deployment and circumstances surrounding the late payment. We will review the findings and advise you on the best path forward.
The fact that you are purchasing the home you currently rent for $3,300 per month is helpful context. Once we review the credit report, income, assets, and purchase contract for the $650,000 purchase, we can determine the most suitable financing options and next steps.
Please go ahead and place the order with your wife added as a co-applicant. After it is completed, let us know here so we can review it promptly.
Best regards,
Connie J. -
Julio,
Good afternoon. To issue the pre-approval letter, we need your tri merge credit report. You can order it via the link below. Thank you!
Connie
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Good morning, Gustan,
Good morning, Marga,
What will be my VA rate, and how many points? Concerning my pre-approval letter.
Best Regards
Julio M.
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Based on your credit scores. Julio and Hector, rates have been the highest in 18 months. I want to work with you to boost your credit scores. I am not locking it now. I am floating it until I see rates plunge, or before we get clear to close. I don’t mind you getting a little higher rate because I can help you, or Allison and I have six months after closing to boost your credit scores, and in six months after closing we can do a no-cost, out-of-pocket rate and term VA streamline refinance. No docs, no appraisal, and you get to skip one or two monthly payments with a lower monthly payment. I will discuss this with you over the phone or visit us at GCA Mortgage Forums http://www.gcaforums.com, which we are restructuring and revamping. Allison will be a big part of GCA Mortgage Forums. The main concern I have is paying discount points. Let’s assume you are not paying discount points. Points are a royal waste of money if you are refinancing. If Allison gets your 60-day late payment removed, your credit scores will skyrocket. I suggest you add additional credit trade lines and work the credit for your wife too. Toni (our wholesale lender) is ready to go and get your loan submitted. Where is my real estate purchase contract so we can proceed and get you approved?
Thanks.
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I am meeting with the realtor tomorrow to discuss it all and have the real estate purchase contract ready to be sent to you. Thank you for the explanation and clarification about the rate and points.
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Send me the scenario. I might be able to assist since it didn’t go 90 days. Need a detail LOX since it’s recent.
Village Capital & Investment
***Times are rough with high rates. It always brings out some rougher credit situations. Well that’s were we can help you create some loans that are manuals. We do loans USDA,FHA,VA and Conventional. Send any and all scenario’s and I will do my best to assist.
Down to 500 Fico’s on FHA, no overlays we follow the guidelines.
NO MIN FICO on VA we have some flexibility on these so send scenario’s including BK’s that are over 12 months old with no derog after the BK. No overlays
Call me at 801-895-2593
Thanks
Ryon
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