Close

See current mortgage rates on Zillow Mortgage Marketplace

Profile picture for brianhallva

2 Vets need a VA loan with spotty Credit

Our salaries together is roughly 200k a year. We had a repayment plan with our mortgage years ago after I lost my job. We paid an extra $1,000 on top of mortgage for a year and finished that around 6-7 months ago. We have not been late on a single payment in the last 18 months. I think the repayment plan shows up as late payments on my credit report, but we were actually paying more than our mortgage. We have never used our VA loans and we are looking to buy a new home. We need to know if we qualify. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 26 2013 - Leesburg
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (5)

Based on the information provided, I think you would be fine.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 03
It seems that you should be fine with obtaining another mortgage, but it would require a bit more information. It is great that you guys have not been late on the payments as well. Do you happen to know your current scores? If your scores are at least around 580, then you should have a chance at obtaining a loan. Lenders like myself are able to do VA loans with scores as low as 580, and sometime 560. If your scores are lower, then allow time and your continual punctual payments to raise your scores. Either way, the best thing for you to do is to speak with a lender directly to see if you can get started on financing with your situation. There are lenders like myself that would be glad to speak with you to help you get the loan that you need. There would only be a few more details needed to sort out your situation. Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 03
Good news. Sounds like you both would qualify. There are several documents needed for a VA loan. Here we do not charge an application fee so what I would like to do is go over the options that are available to you. We specialize in VA loans and I can get you closed quickly. See my contact information to get a hold of me.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 27 2013
Good morning, thanks to you both for your service to our country. As you other answer alluded, lenders review your entire loan request as a package. This package includes information on your credit history, banking history, savings, downpayment (if you are applying for a VA loan, this can be waived), employment both past and present (usually a two year history), and even the house you wish to purchase.
Bottom line, it is impossible to give you an honest answer from the limited information you were able to include here on your Zillow question. I can say that if your statement "I think the repayment plan shows up as late payments on my credit report" means you are showing mortgage late payments in the last twelve months, this will be a very hard loan to qualify. However, without building the complete "package", all ANY of  us can do here is GUESS!

Why not choose one of the great lenders here on Zillow to build your package and see where you stand? The worst thing that would happen is that the lender you choose can give you a guide, a map, if you will, to getting from where you are now to a new home down the road. Each journey begins with the first step!
Best wishes, Jim
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 27 2013
It is definitely possible for you to buy. Lenders like myself can approve less than perfect credit. In fact, I can approve down to a 530 credit score. There are more factors that come into play for a full approval but it is very possible to get approved. I would have to take a look at your entire credit picture to advise you on what it is I can do for you. If you would like my assistance please contact me through my profile page.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
December 26 2013
 
Related Questions
2 Vets need a VA loan with spotty Credit
Profile picture for Scott Senner
Latest answer by Scott Senner
January 03 | 5 answers
Is it possible to have a mortgage loan "arranged" like described? what would be the closing cost?
Profile picture for Go Huskers
Latest answer by Go Huskers
September 12 2012 | 6 answers
Is there a list of approved FHA refi leader in Northern VA?
Profile picture for Norm  D Plume
Latest answer by Norm D Plume
December 07 2011 | 10 answers
where can I find an FHA mortgage loan for 3.375%?
Profile picture for James Peters
Latest answer by James Peters
June 09 2011 | 5 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 40855 Robin Cir, Leesburg, VA Home For Sale
    40855 Robin Cir, Leesburg, VA 20175

     For Sale: $1,599,951

    • Beds: 5
    • Sqft: 6876
    • Baths: 5.0
    • Lot: 144184
  2. 22766 Evergreen Mills Rd, Leesburg, VA Home For Sale
    22766 Evergreen Mills Rd, Leesburg, VA 20175

     For Sale: $1,600,000

    • Beds: 3
    • Sqft: 1512
    • Baths: 3.0
    • Lot: 498326
  3. 41324 Windybush Dr, Leesburg, VA Home For Sale
    41324 Windybush Dr, Leesburg, VA 20175

     For Sale: $615,000

    • Beds: 5
    • Sqft: 2871
    • Baths: 4.0
    • Lot: 12632