I was late last year on my auto loan (about 6-7 months ago), and I was just pre approved for a VA loan. HOWEVER, Im nervous about the underwriting process due to things that I have been reading about not having any lates for 12 months. My health declined from 2012 to the beginning of 2014. Once I became 100%, I started paying off medical bills before they reported. Once everything was caught up, I started catching up my auto loan. Well this was only in November/December. I only have one unpaid collection account, which I have a payment arrangement on. I also have one judgement that I got during my health crisis, but this will be paid in full on next week.
My loan officer didn’t say anything about my late payment, but did say the judgment had to be paid prior to closing. She said she has saw worse credit be approved. That still doesn’t make me feel better because I know I have a late payment. My DTI is extremely low and my only obligation is my auto loan and one small loan.
Will that late payment hinder me?