Kentucky VA Home Loans offered by a Kentucky Veteran. I have successfully originated over 100 VA Kentucky Mortgages for fellow Kentucky Veterans and active duty personnel. Past Credit Issues okay with past bankruptcies, foreclosures. 580 credit score on KY VA Mortgage loans, $0 Down Home loans in KY. Free Credit Report and free pre-approvals. I can be reached by text or call at 502-905-3708, or firstname.lastname@example.org Not affiliated with VA Government Agency. NMLS #57916
Kentucky VA Home Loan Approval Requirements with Collections on Credit Report
Can you get Approved for a Kentucky VA Home Loan with Collections?
Collection accounts are accounts for a debt that have been submitted to a collection agency by the creditor generally due to nonpayment. Below are general tips and guidance on what DU will require when collection accounts are reporting on a borrower’s credit report.
Accounts that are reported as past due but not yet turned over to a collection agency must be brought current. These past due accounts are not considered collection accounts.
Kentucky Mortgage Requirements for Collections and VA Home Loan Approval
Any collection account required by DU to be paid, must be paid prior to or at closing.
Isolated collection account do not necessarily have to be paid off for the loan approval.
Borrowers with a history of collection accounts should have reestablished satisfactory credit in order to be considered a satisfactory credit risk.
Lenders/underwriters should review the complete credit history and use sound judgment to determine if collection account pose a credit risk to the borrower’s ability to repay the loan.
If the collection account is listed on the credit report with a minimum payment, then the debt should be recognized at the minimum payment amount
If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.
Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant's eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/
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