Life happens for our clients sometimes. Getting maxed-out on credit cards and/or missing a couple revolving payments can push credit scores down.
The Scenario:
My friend is an MLO at a local bank. She referred Shamus to me after discovering his scores were under 620.
609 credit scores
VA purchase-money loan.
Shamus and his wife are expecting their 4th child, and their existing home isn’t going to be big enough.
DU/LPA referred. This file needed to be manually underwritten.
Shamus had gotten behind on some consumer debt last year when his employer (at that time) closed up shop and never paid him the commissions he had earned. He quickly shifted gears and found a new job, but not before missing a few payments on his credit cards.
He has been clean for the past 12 months, but not long enough to get AUS approval and bring the scores up, so we needed to go manual.
My buddy at the bank was relieved to have a safe “off ramp” to refer the deal and still help this veteran. We looked at the overall scenario and it made sense to do an exception and approve the loan.
Why this might matter
VA loans with manual underwriting are a specialty product, especially when the client had credit bumps. If the story makes sense but you can’t make the deal fit in the box at your bank or credit union, I might be able to help.
Work with me
Do you have a deal that you think might be approvable but doesn’t fit in the box at your bank or credit union? Reply to this email or call/text me at 616.298.2743 for a same-day answer.
One case study per week showing scenarios we’ve been able to help with