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Past due payments less than one year

My question is if it is possible to get a mortgage or will we need to wait?  We had a few past due payments in September 2013 all related to medical bill incident and were told by US Bank that we had to wait to apply until September 2014.  Is there anyway aaround this?  It will be a VA loan
  • February 21 - US
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Answers (3)

This is what VA says "The applicant’s past repayment practices on obligations are the best indicator of his or her willingness to repay future obligations. Emphasis should be on the applicant’s overall payment patterns rather than isolated occurrences of unsatisfactory repayment. Determine whether the applicant (and spouse, if applicable) is a satisfactory credit risk based on a careful analysis of the credit report and other credit data." Therefore they tend to be the most common sense program available. Your first will need to have an experienced Loan Officer helping you prepare a great "case" as to why this was an isolated incident and showing that the credit before and after was good. It will still come down to the score however. For instance, we require a minimum of a 620 score for any loans inc. VA. If I can be of any further assistance reach out via my profile. Good Luck!
  • February 21
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No two credit cards and an RV payment,
  • February 21
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Past due payments on what type of account? Mortgage?
  • February 21
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