chingasaholo Posted August 19, 2003 Report Share Posted August 19, 2003 My friends are getting a VA loan, their credit scores combined are marginal (at best) loan is in underwriting now, has been for a couple days. no decision yet in case anyone was following my previous posts. They are concerned and have been looking for rentals in case the loan falls through....They have a bunch of old charge-offs (older than two years) but they'll likely have to pay them prior to close, they are just waiting for the word....will update soon if they do/dont get the loan, i'm just as anxious as them to hear the word. For charles, have you done VA loans? How are they on charge-offs/collections in your experience Link to comment Share on other sites More sharing options...
Capepuffin Posted August 22, 2003 Report Share Posted August 22, 2003 VA Loans are no diff then regular loans. The VA is backing you but you are still going through a bank/mortgage co. So they will have to do alot of letter writing and more than likely pay off any un-paid charge offs.I had a VA loan until 9 months ago. Link to comment Share on other sites More sharing options...
chingasaholo Posted August 22, 2003 Author Report Share Posted August 22, 2003 I have one now too, had to write a credit explanation letter for a couple items but didnt have to pay anything off, wife had a couple small charge-offs over 3 years old, they didnt care........but I hear it's different for some people. I know the underwriting guidelines are more relaxed than with regular loans but my loan wasnt a hard case. Was your loan a tough one or did it get by relatively easy? just trying to get some background to make my friends feel better, the are awaiting a decision on a va loan and have several charge-offs 3-6 years old (about 1700.00 of them) it's a small amount. I'm hoping they'll just let them pay them off and proceed with the loan............ Link to comment Share on other sites More sharing options...
Capepuffin Posted August 22, 2003 Report Share Posted August 22, 2003 I have one now too, had to write a credit explanation letter for a couple items but didnt have to pay anything off, wife had a couple small charge-offs over 3 years old, they didnt care........but I hear it's different for some people. I know the underwriting guidelines are more relaxed than with regular loans but my loan wasnt a hard case. Was your loan a tough one or did it get by relatively easy? just trying to get some background to make my friends feel better, the are awaiting a decision on a va loan and have several charge-offs 3-6 years old (about 1700.00 of them) it's a small amount. I'm hoping they'll just let them pay them off and proceed with the loan............Basically we had to do what you did and write many letters! We were financed thru Chase Manhattan and the loan officer helped us writing the letters! She was great! No problems for us with the VA loan!Do you know what they are financing a VA loan at now? 6 years ago we got 8%! Link to comment Share on other sites More sharing options...
chingasaholo Posted August 22, 2003 Author Report Share Posted August 22, 2003 I wrote one letter to wells fargo, explaining some minor dinks on my credit report. they never asked me about them at all after that. As far as rate, I got 6 percent on a 30-year fixed. Could have gotten lower, if I had waited a little longer back then, the rates were still diving while we were in the loan process but I needed someplace to live.My friends were offered 6.5 percent, hopefully they'll be able to get it with the chargeoffs on their reports, of course they are willing to pay almost any amount of money to get the house. Their family must have donated at least 15,000 to them by now, so there's no lack of funds to pay anything off........ Link to comment Share on other sites More sharing options...
chingasaholo Posted August 25, 2003 Author Report Share Posted August 25, 2003 bump Link to comment Share on other sites More sharing options...
chingasaholo Posted August 27, 2003 Author Report Share Posted August 27, 2003 bump Link to comment Share on other sites More sharing options...
Recommended Posts