Hi all,
I'm a Veteran looking to buy a house in the Los Angeles area. I was debating between the different options with VA loan vs FHA. I like the idea of using the benefits associated with the VA loan, as it could cut down on some costs. However, I'm concerned with the LA market as there are a lot of investors and cash buyers who are scooping up property and I might be left at a disadvantage as some seller’s won’t accept VA loans. Here are our sources of income:
22,068 - Disability
32,520 – Caregiver Support
83,500 - Salary (~15% target bonus not included, based off company performance)
2,400 – Child Support
My credit score is in the high 700s. My wife has one deliquency on her CR, and one late payment that is being erased. Credit Karma shows her at 799 Transunion and 654 Equifax.
We have about 150,000 in savings and 130,000 in 401k. We would be willing to put 20% or more down on a house if that would get us into a house that fits our bill. We have no debt, just our monthly expenses groceries, cell phone bill, car insurance, which are paid off in the same month. We are currently spending 1,600$ on rent and we have wiggle room to set aside for savings.
My wife is currently on maternity leave, and she’s looking at switching jobs or staying at home with the kids. Her income was 30,000$, not factored into the above. But, she has the option to pick up her old job for another week or so, which she is debating.
I was wondering how much we would be qualified for and if anyone has recommendations on what type of loan to pursue given our current situation? I'm curious to see if anyone encountered VA home loan issues in the LA area.
