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Lender rating
Since October 2009
I agree for the most part, but the amount and timeliness of the collections will make a difference. If they're old and small, you're probably fine. If they are either very recent or very large or both, you may have issues getting a loan. I'll explain.
FHA/VA loans weigh heavily on your credit activity in the last 12 months. If you have allowed 7 accounts to go to collections in the last 12 months, the underwriter could have issues with your file and may not be willing to approve you. Also, if the collection is very large and has the potential to become a lien on your house, they may not want to give you a loan unless it's paid.
That said, anybody who would let 7 collections go on their credit in the last 12 months would likely have a lower score than 649 and 650, so for those reasons, I THINK you would be okay. Just talk to somebody who knows VA loans well and let them see your credit and income. It wouldn't take very long.
Lender rating
Since November 2009
Lender rating
Since February 2009
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Need a VA Loan, FICO of 650 plus, my wife is at 649, have 7 collections on account can you help?
carlos3849
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