I'd like to buy a home with a VA loan

[Anonymous]

Hi, I would like to get a VA home loan for around $150,000 to $190,000 and would like to know if I would qualify. I haven't found a specific house that I want yet, I just know it will be a single family home.

My fico mortgage scores are EQ: 677 TU: 711 EX: 644.

My fico 8 scores are EQ: 691 TU: 712 EX: 687

My income is $67,176 per year salary.

I pay $700 in child support each month. (This is my only debt payment)

I have $52,000 in student loan debt. I am on an IBR with $0 payment. I know there is a 2% DTI rule with FHA, will this apply to me if I'm getting a VA loan and if it does, should I just set it up so I'm making payments instead?

I have been at my job for 1.5 years, with 5 years in the industry with no gaps in employment history.

I have 7k in savings, I'm not sure how much I would need for closing costs with a VA Loan.

I recently paid off my last bad credit item, a repo from Santander, the last late payment was june 2017. I understand most loans I would have to wait a year from this last missed payment to qualify through most lenders? is this true?

I would like to apply within 4 to 6 months.

[VALoanMaster]

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@Anonymous wrote:

Hi, I would like to get a VA home loan for around $150,000 to $190,000 and would like to know if I would qualify. I haven't found a specific house that I want yet, I just know it will be a single family home.

My fico mortgage scores are EQ: 677 TU: 711 EX: 644.

My fico 8 scores are EQ: 691 TU: 712 EX: 687

My income is $67,176 per year salary.

I pay $700 in child support each month. (This is my only debt payment)

I have $52,000 in student loan debt. I am on an IBR with $0 payment. I know there is a 2% DTI rule with FHA, will this apply to me if I'm getting a VA loan and if it does, should I just set it up so I'm making payments instead?

I have been at my job for 1.5 years, with 5 years in the industry with no gaps in employment history.

I have 7k in savings, I'm not sure how much I would need for closing costs with a VA Loan.

I recently paid off my last bad credit item, a repo from Santander, the last late payment was june 2017. I understand most loans I would have to wait a year from this last missed payment to qualify through most lenders? is this true?

I would like to apply within 4 to 6 months.

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Hi Apacxx87,

VA will allow us to use the IBR payment as long as we have a statement showing the payment is zero.

Ideally you would keep your 7K in savings & you would ask for seller concessions to cover your closing costs.

I'm 99% sure I would be able to get you approved right now for a VA mortgage even with the recent late payment.

[Anonymous]

We recently got approved for $250,000 with VA. My scores were a bit lower than yours, income about the same. I had some old charge offs, and a 30 day late on my car in June. I think you could get approved now.

[me12345]

I think that you are good to go....

With a Zero down VA loan, you would only be looking at closing cost (Usualy 3-5% of the purchase price) but often times your Realtor can get the seller to cover all or part of these fees so that your "Cash to Close" is $0....

Plaese let me know if you have any other questions. PM me

Thanks,