Found the House! Can I get the loan? VA Loan?

[Anonymous]

I was prequilfed in Feb for a FHA loan my 120 days have ran out. We found a house yesterday and we love it. I have not made a offer yet but we are really looking at this one. They are asking 149K.

We are now going to go VA broker has my cerficate so we are ready.

2/12/09 My Fico Scores TU 649 EQ 611 -- Borker pulled same scores ---EX 689 got from the broker.
Had one CA that I go deleted and that helped my scores.
6/2/09 My Fico Scores TU 687 EQ 648 EX ???

Only bad item on my score is a CC that I settled and paid this 1 year and 5 months ago. This updated and shows two lates Dec. 2007 and Jan 2008.

I will be on the loan only my wife scores are around 590. My income $46,500. I have paid off all accounts and only have a auto loan $385. My payment on the house will be around $1000 that will give me a DTI of 26/36. I plan to take the 8K tax credit and pay off my auto loan then we will have only the mortgage.

My wife has one CA that I want to wait until we get the house then I will start working on it CC. The only account she has is the same auto loan. She makes $16K.

How does this look for us getting this house?

[medicgrrl]

That looks really good for a VA loan.  VA is typically more flexible then even FHA so if you were pre-approved at lower scores for FHA I really wouldn't see any problems going VA now.

[Anonymous]

Thanks to everyone for there input I have been reading this board since the end of Jan 2009 and it has helped me get focused on my goals.  #1 House!   I now think it is possible but I doughty my self 

How strict is VA on there appraisal?  The house has been reduced it was in the $160K now $149K.  There are three other houses on the same area close to the same price and this house is so much nicer than them.      

Closing cost are also a concerns me.  I am going to ask for the closing cost to be in my loan can I do this?  I will have to pay fo the house appraisal other than that is there other items that I will need $$$ for. 

I will have around 2k saved and plan is to keep putting away more.  Not having a lot saved makes me nervous.  I plan to take the $8k and pay off the auto loan ($385).  I had another auto I just payed off $230 month and dentist $200 month that will be paid off next month.   I focused all of my time in paying off everything that I have not saved as much as I should have.  Just in paying off the above accounts it adds $815 monthly. 

Starting next month I will be putting away over $1000 a month.   I wanted to have 5K saved before finding a home but I am not there. 

.  

My next goal to set down today take my bills with a estimate of $1000 mortgage payment and see if I can save money monthly.  My goal is $500 month being saved if I see where I can do this it will make me fill so much better.  For us a family we have done great over the past 6 months working on the goal of getting a house paying off bills and starting to save money.