Could I qualify? VA home loan

[Anonymous]

1. Mortgage Credit Scores:

• 637 EQ, 665 TU, 654 EXP

2. Credit Negatives:

• Type: Two charge offs, Two 30 day late car payments
• Status: All paid
• DOFD: 05/11 for the charge offs and 01/11 and 05/12 for the car late
• Most Recent: car late 05/12

3. Gross Income.  $45000

4. Source of income. Job, National Guard, 10% VA disability.

5. Monthly debt payments. $200 student 35k in student loans. (Only debt)

6. Employment

• Type of employment: Federal employee with the Forest service. 

My employment history is my major concern at this moment though some lenders do not believe it will be a problem. I started working for the Department of Veterans affairs 03/09/15 and was terminated 12/07/15. I thankfully just accepted a better position with the Forest Service and will begin that on 03/07/15. Caveats to consider: I receive 10% VA disability, and I have also been with the MO Army National Guard for 11 years and receive a payment from them monthly. I am currently still in school completing my BS degree in Criminal Justice and will be graduating May 2017. I will be working in the CJ field for the Job Corps/Forest Service.

Edit to clarify what that National Guard entails. I am not a full-time military service member. I serve one weekend a month and two weeks a summer unless deployed by orders of the president or the governor. My one weekend a month checks are $300.

7. Assets/Reserves. 

• Savings, $2k
• Checking $4k
• County(s) Stoddard
• City or zip(s) Dexter 63841

8. Property Description:

• Single Family home
• Built in 2011
• Occupied

9. Property Value. 

• $140000

10. Occupancy. 

• Primary residence

11. Transaction Type.  First time purchase

Please review carefully my employment history and let me know if this will be problematic or if my military service may suffice. Thank you!

[Anonymous]

As a military member, your service will count as your job tenure if I am not mistaken. Doing the numbers based on a DTI of 41%, you'd be able to afford a mortgage of roughly $1300 based on your student loan payments. A house for 140k should run about $800-$1000 a month depending on HOA and property taxes. All in all, you should be fine and a lender may just request an employment letter from your future employer guaranteeing your salary and position.

[VALoanMaster]

Hi 09ROPSI,

It's hard to say whether or not your job history will be an issue without seeing the whole picture. Typically the AUS (automated underwriting system) will tell us what we need to do. For example it's not uncommon for the AUS findings to say that there is no need to "address" job gaps of 60 days or less so we would really need to run you through the system to see what will be required. It's very possible that you would just need to provide a written letter of explanation.

Outside of that, everything else looks pretty good.

[Anonymous]

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@VALoanMaster wrote:

Hi 09ROPSI,

It's hard to say whether or not your job history will be an issue without seeing the whole picture. Typically the AUS (automated underwriting system) will tell us what we need to do. For example it's not uncommon for the AUS findings to say that there is no need to "address" job gaps of 60 days or less so we would really need to run you through the system to see what will be required. It's very possible that you would just need to provide a written letter of explanation.

Outside of that, everything else looks pretty good.

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There is another variable that may be in my favor. I am engaged and we are getting married in July. She mentioned getting legally married in May so we could apply for the VA loan together. She is a high school teacher with excellent employment history and even better credit. I figure that would increase my chances, but don't know being that I am the veteran qualifying for the VA loan.

[VALoanMaster]

Congratulations. Having her on the loan will help with debt to ratios so that's not a bad idea.