Hello everybody, I’ve been lurking on here for quite some time and figured I’d start a profile in hopes of getting what information i need.
Story time: Years ago when I was a young dumb 19 year old who had it figured out, I thought having credit cards and taking out student loans for extra spending cash was cool. As most of us were, I was you and dumb. Fast forward a tad…. The banks were calling and wanted their credit cards paid and loans paid due to me no longer being in school. Needless to say I ignored these calls, I was embarasses and didnt know how to confront these things.
Lets speed up a bit… I joined the USMC with goals of doing something to be proud of, and giving myself the opportunity to mature and challenge myself. During my first deployment I saved up enough money to pay all cards, off and get current on my loans (or so I thought but thats later). Before I deployed i gave my car (that I financed) to my mom who I was sure would make the payment we verbally agrred on, I mean its my mom. I come back to find that the car under my name was repossessed. BANG theres a nice jab to the credit score and report. After that first deployment I made it a goal to fix my credit and stop being intimidated by these things. After getting things on track, seperating from the military and landing an amazing job with an amazing company I get a letter in the mail….. from Chase telling me, you owe us roughly $ 18k but we’ll take $ 12k. I COULDNT BELIEVE THIS. I thought I was paying these but it turned out, over that period I had forgotten completely about these specific loans. It sounds dumb because it is. Thses loans are due to fall off my report early 2017 but i’m actually in the process of buying a home through VeteransUnited. I’ve been pre approved and found a home i like but now im worried again about geting shut down during underwriting. My current DTI is about 20%. I have not missed a payment on a bill (excluding the aforementioned chase loans) in about 4-5 years.
My question is, do I stand a chance on getting through underwriting? Like all other posts have read, my LO says things look good, just let me know when you find a house. Anyways, give me your input please, Thanks