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VA Mortgage's
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Posted by Jack
(67.243.33.29) on May 22, 2002 at 23:26:33:
My wife and I are trying to get a mortgage with the VA.
I have some charge offs accounts and some small collection from doctors, that I did not even know they were there.
I only have one charge off that I never did anything withthe other one I paid in full and the second I have been on a payment arragement, and have paid it for a year and never been late. I have shown this to my mortgage company as proof. I have a car loan and a unsecured credit card that has never been late.
They told me my interest rate could be as high as 71/2%. This is what I don't understand, I always thought that since the Va is backing your loan, that you always get the rate that is current.
Is this true can they do that, I am not mind that rate, it's a lot better than 10 or higher, I was just wondering. I know that I have to pay all these accounts before I can get a mortgage, but I also heard that the older the debt the better. The other one is like five years old.
Thank you
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