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Ski66
New Member

VA Loan

Our lease is up in August and trying to decide if we buy or rent again.

 

Had some high balances that we have been paying down.

 

Currently sitting on about $46k in CC, $1200 month in payment

Car loan is $14k at $432, been paying $500 and over a month ahead on that

 

 Monthly income $13300

8 years same company, 15 company before that

 

FICO 8 672 / 666 / 662

Mortgage 650 / 657 / 625

One 7 year old Charge off CC (1099'd me in 2013) - No lates since 2011

2010 Forclosure but fully paid, have had a VA loan since then (2015-2016) but reloacted for work

 

DTI pre-mortgage 13%

 

Want to look in the $250k - $300k range.  VA Loan, Zero down, I collect VA Pension so no funding fees

 

Worth it to try for approval now or lease another year and continue paying down?

Message 1 of 8
7 REPLIES 7
JVille
Valued Contributor

Re: VA Loan

You have nothing but your time to loose by trying for a PreApproval!!!
Message 2 of 8
me12345
Frequent Contributor

Re: VA Loan

You are fine....$1,200.00 a month for CC payments only sounds high if your not making $160,000.00 a year...

 

Your DTI ratios are great.....If buying is cheaper than paying rent, I say buy now!

 

PM me if you have any other questions.

VA & FHA down to 550...
Licensed Senior Mortgage Loan Officer in the states of Arizona & California
Specializing in VA, FHA, USDA & Conventional loans. My company is also licensed in 12 states, Arizona, Colorado, Nevada, California, Oregon, Washington, Utah,
Alaska, New Mexico, Texas, Illinois and Florida
Message 3 of 8
VALoanMaster
Valued Contributor

Re: VA Loan


@Ski66 wrote:

Our lease is up in August and trying to decide if we buy or rent again.

 

Had some high balances that we have been paying down.

 

Currently sitting on about $46k in CC, $1200 month in payment

Car loan is $14k at $432, been paying $500 and over a month ahead on that

 

 Monthly income $13300

8 years same company, 15 company before that

 

FICO 8 672 / 666 / 662

Mortgage 650 / 657 / 625

One 7 year old Charge off CC (1099'd me in 2013) - No lates since 2011

2010 Forclosure but fully paid, have had a VA loan since then (2015-2016) but reloacted for work

 

DTI pre-mortgage 13%

 

Want to look in the $250k - $300k range.  VA Loan, Zero down, I collect VA Pension so no funding fees

 

Worth it to try for approval now or lease another year and continue paying down?


Hi Ski66,

You should try now for a pre-approval.

A couple of quick questions that can have an impact on how much you qualify for.

1) How are you paid, base salary, commission, commission plus base?

2) Do you itemize on your tax returns or do you take the standard deductions? If you itemize, we would have to use your adjusted gross income unless you have things like mileage or depreciation deductions that we can add back.

3) What state are you buying in, property taxes can add $350 - $875 per month to your payment which effects the debt to income ratios.

4) Do you have full entitlement available or will this be a second tier/bonus entitlement situation?

 

Feel free to PM me for help or if you have any questions.

 

 

 

 

VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
Message 4 of 8
PNut08
New Contributor

Re: VA Loan

I'm in the VA loan process now.  My DTI numbers are worse than yours and I was approved for ~$320k at 4.125% for 30 year fixed.

 

I don't have negatives on my credit report.  Pre-mortgage DTI is 25% and with mortgage it is 45%.  I'm active duty though so a lot of my income isn't taxed.  My broker has said absolutely nothing about DTI being a problem. 

 

We made an offer on a place for ~$260k so spending less than we were approved for.  Hope that helps.

Message 5 of 8
Ski66
New Member

Re: VA Loan


@VALoanMaster wrote:

@Ski66 wrote:

Our lease is up in August and trying to decide if we buy or rent again.

 

Had some high balances that we have been paying down.

 

Currently sitting on about $46k in CC, $1200 month in payment

Car loan is $14k at $432, been paying $500 and over a month ahead on that

 

 Monthly income $13300

8 years same company, 15 company before that

 

FICO 8 672 / 666 / 662

Mortgage 650 / 657 / 625

One 7 year old Charge off CC (1099'd me in 2013) - No lates since 2011

2010 Forclosure but fully paid, have had a VA loan since then (2015-2016) but reloacted for work

 

DTI pre-mortgage 13%

 

Want to look in the $250k - $300k range.  VA Loan, Zero down, I collect VA Pension so no funding fees

 

Worth it to try for approval now or lease another year and continue paying down?


Hi Ski66,

You should try now for a pre-approval.

A couple of quick questions that can have an impact on how much you qualify for.

1) How are you paid, base salary, commission, commission plus base?

2) Do you itemize on your tax returns or do you take the standard deductions? If you itemize, we would have to use your adjusted gross income unless you have things like mileage or depreciation deductions that we can add back.

3) What state are you buying in, property taxes can add $350 - $875 per month to your payment which effects the debt to income ratios.

4) Do you have full entitlement available or will this be a second tier/bonus entitlement situation?

 

Feel free to PM me for help or if you have any questions.

 

 

 

 


I applied at NFCU and PenFed.  Had my previous VA loan at NFCU.

 

PenFed sent me a Pre-qual for the $300k I asked for.  Followed up with an email telling me an LO would contact me in two days and have docs ready for them.  

 

NFCU sent me some crazy $800k pre-qual (odd for a VA loan), then followed up with a request to upload financials, which I did.  Another note last night saying they would call today and I saw they charged my card for a credit pull at lunch.

 

1) How are you paid, base salary, commission, commission plus base?  Salary + Yearly bonus

2) Do you itemize on your tax returns or do you take the standard deductions? If you itemize, we would have to use your adjusted gross income unless you have things like mileage or depreciation deductions that we can add back.  Standard Deduction

3) What state are you buying in, property taxes can add $350 - $875 per month to your payment which effects the debt to income ratios. Ohio / Kentucky (Cincinnati metro) , and I would personally never buy a house with $10k+ yearly taxes Smiley Happy  $2-$5k taxes in my market

4) Do you have full entitlement available or will this be a second tier/bonus entitlement situation? Full enetilement, Have COE

Message 6 of 8
me12345
Frequent Contributor

Re: VA Loan


 

 

 


I applied at NFCU and PenFed.  Had my previous VA loan at NFCU.

 

PenFed sent me a Pre-qual for the $300k I asked for.  Followed up with an email telling me an LO would contact me in two days and have docs ready for them.  

 

NFCU sent me some crazy $800k pre-qual (odd for a VA loan), then followed up with a request to upload financials, which I did.  Another note last night saying they would call today and I saw they charged my card for a credit pull at lunch.

 


The VA has no Loan limits, and with your income I can see you qualifing for an $800K loan, depending on the property taxes...

 

You may not need that much or want that much of a loan, but knowing how high you can go is always helpful.

 

Thanks,

VA & FHA down to 550...
Licensed Senior Mortgage Loan Officer in the states of Arizona & California
Specializing in VA, FHA, USDA & Conventional loans. My company is also licensed in 12 states, Arizona, Colorado, Nevada, California, Oregon, Washington, Utah,
Alaska, New Mexico, Texas, Illinois and Florida
Message 7 of 8
homeloanexpert
Established Contributor

Re: VA Loan

Great question! First thank you for your service. You appear to be in a perfect position to take advantage of your VA Entitlement. Especially not having to pay the VA Funding Fee. When I purchased my home the VAFF was over $10K. Ouch!

You have a couple of factors working against you. First is rising interest rates. Most suspect we'll have another hike in June and possibly again later on in the year. Every time the rate increases, you know what that means. Higher payment and shrinking buying power.

 

Next, home prices are going up! Inventory is low in most parts of the country and we're heading into the busy time of the year...Summer. You Sir, should seriously consider getting the ball rolling.

 

I have been doing VA loans for 30 years and it would be my pleasure to take care of a fellow Vet. As a VA Direct Lender, we offer many options. In addition, we have a true W2 only program for Vets which streamlines the process, so we don’t have to wait for tax returns to post.

 

I am licensed in 25 states. Please feel free to PM me. Best wishes!

Branch Manager - Specializing in FHA, VA, USDA, Conventional, Jumbo, Portfolio and Non-QM Loan Products.
Message 8 of 8
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