01-26-2013 05:56 AM
The hubby and I are going to apply for a VA loan in March. We make around 100k. My scores are all 760+ his current (1/13/13) myfico EQ is 657 ( a year ago it was 508). Our DTI is 15% and will be going down in Aug because of daycare costs. Ive been at the same job for 2.5 years him 7 or 8 years. I have 4.5k currently saved in my personal account , 2k in our joint and 2k in his savings. We wanna buy in the 200k-250k range. I am worried(about everything but this at the moment... lol) because his scores are on the lower side we'll need to show reserves. He only has 2k from his company stock program in an etrade acct and neither one of us has a 401k yet... My question i guess is two part 1) based on the provided info do y'all think we'll need reserves ? and 2) if so, i have a 2nd personal savings acount from back when i was in college were my grandma has been depositing $100 bucks a month and has never stopped( @ least 8 yrs maybe more) of course when i was in college i spent it as soon as it got there but for the last 3 yrs I havent touched it so there's a little over 3700 in there now. So technically she's been gifting me a $100 bucks for 36 months I just chose to save it. I know you can't use gift funds as reserves or is this different since 95% of it is "seasoned" , can i use it and just not count the last 2 deposits? Would she still have to write gift letters? I dunno my husband says I'm making too big a deal of it but as i said I worry about everything. Thanks !!!!