Desperate Need

3 Replies

Currently I am under contract trying to purchase a home under the VA loan guidelines. The company I am with is not recieving a final approval because I have two late payments for my credit card back in December. I am working dilligently to get those removed since they shouldn't be on my report at all. My mortgage officer is advising me to switch programs and use the FHA loan. But unfortunately I do have the money to cover the 3.5% down payment for a house at 215,000. The questions are is there anyway I can speak with someone to remove the late payments on my credit report outside of the actual bank because I tried that and its not working? My second question is how can I go about obtaining funding for down payment? I have no family members with extra cash and I have about 2500 of the 3.5 can anyone please point me in the right direction?

@Demitrius Covington  First off, thank you for your service.

You say the late payment should not be on your record. Can you please elaborate. If you were late, then it will be on your record. If the bank messed up and agreed, then they should have (or can) provide you a letter stating that they will get the credit report updated. Do you have such a letter?

What is more interesting is that you are finding this out now. Your mortgage banker should have talked with you about the late payment as soon as you applied. He/she failed at their job.

Upen Patel

Mortgage Banker, VA Loan Specialist

National Lender, Federal NMLS# 1374243

At the moment I am working with the bank to get the letter but what if they still can't change it?

Pass on this deal, save enough for a substantial down payment, and then try again. Good luck.

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