Financing in Portland>Question Details

Wizardree23, Home Buyer in Portland, ME

Ford Motor Credit just reported me 30 days late for 4 months straight saying I missed a payment, can I still get a VA loan?

Asked by Wizardree23, Portland, ME Tue Nov 10, 2009

Ford says I missed a payment somewhere over the last 4 months. It was not on purpose but it whacked my credit score. Mid score is around a 560. I have a BK thats more than 2 years old and I was establishing good credit again until this happened. This is the only negative over the last 2 years on my reports. I have an annual income of $70,000 and have been in my field for more then 7 years and at my current job for 2 years. Help!

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Hey Wizardree,

It sounds like Dale might be a good follow up call for you! I don't know him, but it seems like he knows his stuff and wants to help. If you need any help from a professional Realtor in your area, or if you would like a referral to another mortgage professional, please feel free to give me a call and I would set you on the right path. My cell number is (207) 975-9330 and my e-mail is steve@TheMidCoastGroup.com.

Blessings!!
Steve Dyer, CRS]
Keller Williams Realty
50 Sewall St., 2nd Floor
Portland, ME 04102
(207) 975-9330
1 vote Thank Flag Link Wed Nov 11, 2009
The late payments won't neccesarily be a deal killer but the 560 FICO with VA would be. We have FHA lenders that would consider a score of 560 but they would require at least 3.5% down. Chances are there is more to your score being 560 then just those late payments. Our office would be happy to review your credit report with you and provide you with a game plan to get your scores where they need to be fairly quickly. Good Luck!
1 vote Thank Flag Link Wed Nov 11, 2009
You'll need to get your credit scores back up to a minimum of 620 and possibly higher. Underwriters are looking for clean credit histories after a bankruptcy discharge.
1 vote Thank Flag Link Tue Nov 10, 2009
Most lenders will require at least a 620 FICO score. Some will still provide financing below this score, but VA credit guidelines do require good recent credit history. If your credit shows you were just late, the chances of getting a loan are less likely.

If you have very good reasons regarding to why you were late, you may be able to get a loan or not too long from now. What were the reasons?
0 votes Thank Flag Link Tue Nov 10, 2009
You'll need to get your credit scores back up to a minimum of 620 and possibly higher. Underwriters are looking for clean credit histories after a bankruptcy discharge.
0 votes Thank Flag Link Tue Nov 10, 2009
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