Understand the Story Behind the Numbers
A credit report doesn’t always reflect the full picture. Taking the time to understand the circumstances behind financial issues can open doors for solutions.
VA Loans Offer Flexibility
The VA loan program is designed with veterans in mind, offering opportunities for approval even in challenging situations, provided there’s a clear and well-documented explanation.
Don’t Give Up on Homeownership
If one lender turns you away, it doesn’t mean all hope is lost. A dedicated team with experience in complex cases can often find a way to make homeownership possible.
Take the 30 second mortgage quiz to see if you qualify
I recently worked with a veteran couple whose journey to homeownership was nothing short of inspiring. Today, as they prepare to close on their new home in Alabama, I wanted to share their story and some valuable insights from the experience.
Like many families, this couple faced significant challenges during the pandemic. They were both laid off, which unfortunately led to financial struggles. Their credit took a substantial hit, making their dream of owning a home seem out of reach.
When I first reviewed their credit report, I was taken aback by the number of delinquent accounts. However, rather than dismissing their application, I chose to dig deeper and understand their situation.
In our conversations, I discovered that most of their delinquencies stemmed from the pandemic period. A key issue was that one of their creditors repeatedly resold their old debt, causing it to appear as multiple new collections. This created an inaccurate and misleading picture of their financial health.
Fortunately, the VA loan program is incredibly flexible and designed to help veterans who may face unique challenges. By presenting their story and providing thorough documentation, we were able to demonstrate that their financial difficulties were an anomaly tied to a specific period.
My team worked tirelessly to validate the details, explain the situation to the underwriter, and prove the couple’s creditworthiness. In the end, their loan was approved, and today they’re moving into a beautiful home.
Take the 30 second mortgage quiz to see if you qualify
I can originate VA mortgage loans anywhere that I’m licensed.
I’m licensed in Alabama, Arkansas, Arizona, California, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Michigan, Minnesota, Mississippi, Missouri, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, and Wisconsin.
Additionally, our team can originate mortgages in several additional states through our corporate referral program.
This experience highlights the importance of looking beyond the numbers. It’s a reminder that every credit report tells a story, and sometimes, it takes a dedicated professional to uncover it.
If you know a veteran who’s been turned away by other lenders due to credit issues, I’d love to help. I’m licensed in most states and have extensive experience navigating complex cases like this one.
For more information, click here to contact me.
If you’ve been denied for a VA home loan by major lenders like Veterans United or Rocket Mortgage, don’t lose hope. You still have a strong chance of getting approved. The reason? Many big online lenders enforce additional rules known as lender overlays, which go beyond what the VA itself requires.
Manual underwriting is a process that involves a human underwriter reviewing an applicant’s financial information instead of an automated system. This process can be used for VA loans when the VA’s algorithm doesn’t approve an applicant, or when an applicant has certain negative items in their credit history.
Are you worried about your credit history affecting your chances of getting a VA home loan? In this video, we break down the VA’s rules regarding credit occurrences and explain how you can potentially overcome credit challenges.
Take the 30 second mortgage quiz to see if you qualify
