Profile picture for frustrated 1

654 middle score/wife 640..income $128000- each have 1 late in last 12 mo. I can't find VA lender?

Finding it impossible to find a lender for VA @ 100% for $215000 in  FL.  Had a bk ch. 7 in 2002- job loss and a deed in lieu in 2008. I was told that I had to wait 2yrs before I could apply for new mortgage. I have good debt to income ratios and  I know what the VA underwiting guidelines are but I'm finding it hard to get approved for VA loan. Don't want to deal with a broker because of high hidden fees and pts. and can't find a reputable lender.  What can i do? Trying to buy before rates go up!  
  • September 29 2010 - Tampa
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Answers (5)

Best Answer

VA has no minimum credit score requirements. But many lenders do. These are called credit overlays. Most lenders have a 620-640 minimum score requirement even though VA does not. Score is just one of many factors.... Loans now go thru the underwriting system twice. Once thru an automated system called DU or LP (underwriting computer software program) and if approved by the computer then to an actual human being. In VA's case a VA LAPP Underwriter. A VA LAPP underwriter will not overturn an automated (DU/LP) finding unless there is a mistake on the credit report. But can over turn and decline an approved DU/LP automated finding if that particular lender has credit overlays to VA guidelines. Find a lender that sells direct to FANNIE or FREDDIE that does not have credit overlays. I know of one Bank in Florida that does not have overlays.
  • January 04 2011
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Profile picture for Steven G. Hinton
With the new GFE hidden fees are virtually impossible, doesn't matter if your are working with a Broker, Direct Lender or Retail Bank.
  • January 05 2011
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you might try pat mccarthy at northpointe bank [contact info removed by moderator]. He has been very successful in helping some of my clients...
  • January 04 2011
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Profile picture for jenn10302001
Have you tried USAA? They are an amazing company and are financing my VA loan.
  • January 04 2011
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You need to deal with a direct lender.  This is a cross between a broker and a lender.  They can do VA, FHA, USDA, Jumbo etc.  They will also spend time with you and are easy to get to after you sign your loan paperwork.  Too many times my clients have seen a lender signed papers and then they call me for answers because the lender is not calling them back and the only person they can talk to is a processor.

VA guidelines are actually that guidelines. They are the minimum requirements that VA is willing to work with.  The banks and lenders will interpret them and will fall more strict most cases than the guidelines.  I would suggest despite your waiting for the right time frames - you may want to consider doing some credit repair. Finally any lates in last 12 months is a big NO for any lender for any loan.  You will have to wait to the end of the 12 months from the late to do a loan.

Contact [content removed by moderator] if you are interested in a good reputable mortgage lender (direct lender)
  • September 29 2010
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