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Waiting on VA loan approval.


ksimmons
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Hey all,

I've been reading this forum for several weeks. I finally applied for a VA loan w/ a local broker and am waiting on a decision. My mean score came back as a 580. I have 4-5 judgments, and probably 4-5 collections (the collections were all medical but not noted as such). All items are shown as paid, except for 1 judgment for $50 (working on clearing that up, it is paid and have the paperwork). My broker said that a 580 score has a so so chance of approval, and he thought that the collection activity will kill it, but he wasn't sure.

Basically, I don't have any questions, I'm just anxiously waiting the decision tomorrow......

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Well the place I was talking to said I was turned down, but I kinda felt he was doing a bait-and-switch. Mainly because he said that the VA hates collections (even if paid), and I probably couldn't get a VA loan for a cpl of years until my collections dropped off. He did offer me a 0 down loan at %8, which I guess is ok given my low credit score. I'm going to check with some other banks first though.

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3500 on a 185K loan aint that bad, assuming it includes prepaids (Insurance for 14 months, taxes for 3 months). For comparison, I expect my VA closing costs to be around 5K for a 267K home.

The only thing I don't love about the VA is I'll be financing 2.25% of the purchase price for the VA lending fee. Other than that, it's a great deal.

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