Will I get VA loan approval?

Question

I was told that I am preapproved for a VA loan by my loan officer. However, he says that due to the fact that I have some open (deliquent) accounts in collections (old medical bills) it may affect me being approved. I have been current on all my bills for the past few years. These medical bills are a least two years old some 4 or 5 but they collection agencies keep updating them on my credit repot. I was always told to just wait the 7 years out. One is 3,500 and others 1,500 a piece. Will this hurt my chances of getting approved? He suggested that I pay them off. Will this help? I thought VA looked at FICA scores which is like 670 and debt and income which are both good. Is it that easy to get pre-approved?

Answer 1

Preapproved is a FRAUDULENT term used by the MARKETING department. Unless you have a SIGNED document in your hand stating that a SPECIFIC lender will loan you $X at Y% interest, the ONLY thing you were approved for is filling out an application. EVERYONE can do that. Your credit score NEVER determines IF you are approved for a loan. It only determines the terms you will be approved for. Your INCOME and DEBTS determine if you are approved.

Answer 2

Are you referring a Veterans Administration home loan benefit from being a Veteran?

According the http://www.vamortgagecenter.com website if you have been approving your credit over the past year even people with bad credit can be approved for a VA home loan.

If I were you I would talk to someone actually representing the VA home loan benefit program.

Answer 3

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