Are we ready to qualify for a VA Loan?

[mikeymike1994]

To give you a quick synopsis on our situation: I work as a legal secretary for a major law firm in SF. My spouse is a waiter at a high French restaurant in SF. I'm a veteran. I was honorably discharged back in 1992 but I have been a city apartment dweller ever since and my spouse and I are finally deciding to leave San Francisco for a home we can call our own. Until recently my credit was challenged but it now stands at TU: 625, EQU: 637, and TU: 659. I expect those scores to move up higher this month as well as the following months (hopefully closer to 675 to 700 by May). My current credit utilization is likely to be somewhere between 15% and 25%. My last 30 day late on my report was December of '13. There are some collections & charge offs on my report as well. The smaller ones ($50, $200, $300) are 1-3 years old. The larger ones ($1500?) are at or nearing the 7 year mark.

Also, my spouse has just recently received his green card in March 2014 so his credit is fairly new. However we have lived in the same apartment for 6 years and both our names are on the utilities so we can show on time rent and utilities payments for the last 12 months.


I feel we will be most prepared by middle to end of Spring. Can anyone give me an idea of where we might stand at the moment as far as qualifying for a VA loan?

[Anonymous]

Based on the info, I'd say yes.  Now whether it is for the amount you need, or terms, is the question.  Arre y'all leaving the Bay Area or looking to stay?

[mikeymike1994]

We're moving to the East Bay.  We both still work in San Francisco and most of our friend live in SF so we want to be as close to the city as possible, preferable right next to a BART station.

[mikeymike1994]

I also did one of those loan qualification amount calculators including both our incomes and, assuming those calculators are accurate, it looks like will qualify anywhere between 400K to as high as 650K.

[Anonymous]

I think you'll qualify for something, I think the only question is for how much.  Good property is extremly expensive in that area of the country, good luck.

[1GaDawg85]

You should address those negatives first 

[TheGardner]

---

@1GaDawg85 wrote:

You should address those negatives first 

---

VA loan will get good terms with those scores even so no worries.

Have you tried early exclusion?

I recommend going through a CU for best rates. Good luck!

[wagsk1]

the only thing I would add is to check what scores you are using. My fico scores were very different from my  mortage pulls.  good luck!

[mikeymike1994]

Just curious how big a difference were they?

[wagsk1]

EQ and Ex were 30 points lower and TU was 80!  Doesn`t mean it will be the same for though, just get over that 620. Spend the 20 bucks on Equifax score power, its worth it.