Question
I make $55,500/year, can I get a VA home loan?
For a $159,900 house? We would like to get a loan for $160,000. My expenses include: $460/month car payment ($4,000 left to pay) $180/month finance payment ($4,000 left to pay) $300/month various credit cards ($6,000 left to pay) $100/month cell phone Currently, we are renting for $550/month. We are hoping to close before the end of November to take advantage of the $8000 tax credit so that we could pay off our car and some other expenses. Credit score is around 550-600, few derogatory things in my report but those are over 2 years old, other than a late car payment a few months back, everything is on time. My son plans to be a co-borrower; he's currently getting $714 through disability ($8,568/year), although he has no credit at all. Our combined income is around $64,000/year, overtime combined comes out to around $70,000/year. I just want to add that my monthly income is around $4500-4800. I thought you didn't need a down payment for a VA loan?
1 month ago - 3 answers
Best Answer
Chosen by Asker
You need to clean up your financial life before buying a home. It would be very difficult to get a house before the credit ends November 30, particularly since you are not a clearly qualified borrower. It is likely there will be a new or extended credit passed at the end of the year for next year. Work on paying down your debt, raising your credit, saving more for down payment and PLANNING for your future. 0% and very low down payment loans are a BAD idea, because you have no equity in the home, and your equity grows very slowly because you are paying SO much interest. You end up paying as much as 10 times purchase price due to interest with low down payment loans. You need credit at 620 minimum, and a lower debt ratio. To qualify for a mortgage, you need good credit, adequate income, sufficient down payment, stable employment, low debt ratio and good credit. The credit is intended to be put into the house as repairs, improvements, or additional payment of principal, increase of equity.
Source(s)
real estate investor
by chatsplas
1 month ago
Asker's Rating: 
Other Answers
Your time is just about up to get the first time buyer credit - you need to be under contract now in order to close by the end of November. Sit down with a VA mortgage lender and crunch some numbers. If your score is under 600, you'll have a difficult time getting financing. I recommend you get your score up some. VA financing allows lower scores than conventional financing. Good luck
by Rita Gibbons- 1 month ago
Individuals who want to make the most out of home loans are curious about their VA home loan rates. The mortgage center has experts that are trained specifically to maximize the VA home loan interest rates that are available for the individual. The benefits he or she receives while ensuring the process goes so smoothly that it is hard to believe that they have made the most out of your loan. www ... In order for you to know your VA Home Loan, you will be asked to answer a couple of questions. This is to determine your qualification level, as well as whether you are eligible to apply for a home loan or not. If you are applying for VA Home Loan rates, you can start the no obligation process. You can peruse through the questions and see whether you are comfortable giving the information that they are asking from you or not.
by Maria- 1 month ago