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V.A. loan with charge off on credit report

I had a life event a little over 2 years ago which resulted in my inability to make payments on 2 credit cards. In 2012 one of the creditors cancelled the debt and issued a 1099-C and I have been able to negotiate a settlement on the other but have not paid yet for fear that my FICO score will drop. I want to purchase a home with a zero down VA loan some time in the next 6 months. Will I have any difficulty getting a VA loan, my current FICO is @650-700. by darara_446_621 from Las Vegas, Nevada. Mar 5th 2013 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 8,728 contributions

You should be Ok.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Mar 5th 2013
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Kelly Fontes (kellyfontes)
#8 ranked lender in Nevada - 11 contributions

Any lender will do that VA loan.

Mar 5th 2013
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Joseph Parker (Josephparker)
#25 ranked lender in Nevada - 7 contributions

Agreed - should not be an issue -

Mar 5th 2013
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Franco Manueli (Franco)
#32 ranked lender in Nevada - 5 contributions

We are a broker in Las Vegas, you can contact us at 702-420-2250 anytime.

Mar 5th 2013
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John Le Francois (john.lefrancois)
#2 ranked lender in Nevada - 14 contributions

DararaI am a mortgage banker and broker in Las Vegas for over eight years that has specialized working with veterans to acquire their housing needs. Sometimes when you negotiate a settlement with creditor it can impact your FICO score slightly when you make a settlement. Usually the impact will be between 10 to 15 points if a credit report is run within 30 days of the settlement date. With your time frame of purchasing within six months from the time of settlement and you have reestablish credit your impact should be negligible. Please feel free to contact me by email or cell phone with any further questions you may have. I'm available seven days a week to answer your questions or concerns.

Mar 5th 2013
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Jason Vondrak (jvondrak)
#220 ranked lender in California - 1,741 contributions

If all other qualifying factors are favorable, you should be able to secure a VA loan with that credit score.

Mar 5th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,146 contributions

That one item, in and of itself will not cause any problems. www.VA-IRRRL-Loan-MN.com

Mar 6th 2013
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Demir Bracic (Bracic)
#1024 ranked lender in California - 7 contributions

You know, its been over a year and rates have dropped. Have you considered doing a IRRL? Now is a great time to do this. Give me a call at 949.276.8526 or go to my site www.demir.la We'll do a loan with no costs out of pocket.Demir

Sep 24th 2014
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