Any chance we will be approved for a VA loan?

Question

So last tuesday I was notified I will be moving to Utah in Oct. we have 2 months to figure it all out. Kind of bad timing financially right now, last month my wife was in an accident so we had to replace her car, a few other things sucking savings dry. I suppose thats how life works. After looking at places to rent up there we started entertaining the idea of buying. We would be purcaching a single family home for the two of us. I pulled my credit reports yesterday from here my mortgage scores were EQ 616 TU 658 EX 616, so mid score of 616. I havent pulled my wifes scores, last month NFCU said she was at 730 when they pulled for her auto loan. I dont recall which bureau it was from. Lenders would use the lower of our scores anyway whould would more than likely be mine.  The bads on my credit- High utilization. I have pretty high balances across my cards. - Two 30 day lates on CCs, one from Jan 2012 and one from Jan 2010 Gross Income-I am salary a bring in $3958 a month I am Active duty Air Force, 5.5 years-Wife is hourly and makes about $1800 a month. She can/will transfer her job up there and will continue to make the same. She works in retail, about 4 or 5 years total. Been with her current employer about a year.  Monthly debt payments I pay $1052. My car, C.C.s and personal loanShe pays $312. Her car and two C.C.We have been paying $1200/mo for rent for the last year. Though I have been renting from a friend with no contract. The only proof I have of payment is my bank statements transfering to him every month. They fluctuate a few hundred here and there for repairs I have made to the home that were taken out of rent. I have $6K in my TSP 2K in savings. I am looking for houses in the $160-175K range with an absolute maximum of $200K.  I would like to keep the montly payment $1200 or less.  My friend works at NFCU and wanted me to come in and start a pre approval application but now that I know my middle score is only 616 I dont want to waste the hard pull knowing they probably have a 620 cutoff.   I have noticed that TU my highest score only has the most recient 30D late listed. The early one from my Wells fargo card in 2010 isnt listed on TU but is on EQ and EX. Other than that my 3 reports are identical. Do you think that one 30day late from 5 years ago would make that big of a difference?  Anyway do you think I sould try wiht NFCU or do you have ideas of other lenders more likly to appove us? I know paying down debt will help, I do plan on paying down as much as I can but with the move and wanting to keep enough set aside to cover everything I dont think I can pay down too much.  My current DTI is 24/45% with my 1200/Mo rent. I know that VA loans only go up to 41% unless you have acceptable risidual income 120% ive read. Utah family of 2 risdiual income is $823 and 120% of that is $987. I have more than that.

Answer 1

hobodoc1954 wrote:
I have removed and reinstalled almost everything and still no luck.  Suggestions ANYONE?
Hi, you might want to run over what you mean by that.
You have tried VLC?