Keane
330 Posts |
 Posted - 05/21/2008 : 5:18:14 PM
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I posted on this scenario before but it was really late and over the weekend I think.
VA loan
540 fico
No lates in the last year
Low DTI
No lates in the last year
4 months of liquid, accessable reserves
Good work history
The basic story is the borrower has many old collections from a long time ago. Her credit gets ruined everytime these collection companies re-sell the collection to a new company.
Her credit used to be in the 400's. The majority of her collections have been paid including 3 judgments that are completely paid and satisfied.
Her purchase and sale includes concessions to pay the remainder of the collections, which isn't much.
Has established several new credit accounts in the last year including a couple that are at least a year that has no lates.
Price isn't an issue. We just need a VA lender who doesn't only look at the fico.
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