Can recent late payments prevent veteran's from getting a VA home loan?
When shopping for a bad credit VA home loan, recent late payments can prevent your loan from being approved. Depending on your overall FICO score, the VA underwriter may not hold a recent 30 day late payment against you. Having 3 out of 5 VA underwriting compensating factors (Rental history, low debt to income ratio, reserves /assets) will help your chances for loan approval. Worse case, you will have to wait until the late payment has seasoned for 1 year.