topic Re: When to start the process with a va loan. in Mortgage Loans

When to start the process with a va loan.

Anonymous — Mon, 04 Sep 2017 21:39:59 GMT

We are about 2 years out from buying a home. 70% disabled vet here. No funding fee, 5k tax exemption in my area. I'm still working on my credit about a year to 18 months and I should be golden. My fico scores are 648ex 648tu 653eq. No idea what my mtg ficos are. My income through va and ssdi is 2338.71 a month and my fiance brings home another 4k a month.

Now to my question, when should we start looking for lenders or brokers and start searching for properties? We truly are a solid 2 years away fom buying so any advice would be appreciated and also som florida friendly lenders or brokers would be great too, thanks in advance. Dv.

Re: When to start the process with a va loan.

VALoanMaster — Tue, 05 Sep 2017 19:32:50 GMT

@Anonymous wrote:
We are about 2 years out from buying a home. 70% disabled vet here. No funding fee, 5k tax exemption in my area. I'm still working on my credit about a year to 18 months and I should be golden. My fico scores are 648ex 648tu 653eq. No idea what my mtg ficos are. My income through va and ssdi is 2338.71 a month and my fiance brings home another 4k a month.

Now to my question, when should we start looking for lenders or brokers and start searching for properties? We truly are a solid 2 years away fom buying so any advice would be appreciated and also som florida friendly lenders or brokers would be great too, thanks in advance. Dv.

Hi Disabled-Vet,

Why are you waiting 12 - 18 months to buy?

Re: When to start the process with a va loan.

Anonymous — Tue, 05 Sep 2017 20:41:39 GMT

We just signed another 12 month lease for october, I have some things falling off my report 10/18, so we figured we would continue working on my credit over the next 18 months or so. We were just wondering since we are going to sign another lease next year when should we get the ball rolling on all this stuff?

Re: When to start the process with a va loan.

VALoanMaster — Wed, 06 Sep 2017 21:54:59 GMT

@Anonymous wrote:
We just signed another 12 month lease for october, I have some things falling off my report 10/18, so we figured we would continue working on my credit over the next 18 months or so. We were just wondering since we are going to sign another lease next year when should we get the ball rolling on all this stuff?

You should see where you stand now. If you're ready, great all you have to do is wait until your lease is up or see if you can get out of it early.

If you're not ready, a good lender will give you a plan to get you ready when your lease is up.

Re: When to start the process with a va loan.

Anonymous — Wed, 06 Sep 2017 22:08:54 GMT

Okay how do I see where I stand now? I have my COE already. My credit is still bad that is why we wère waiting so how do I proceed from here?

Re: When to start the process with a va loan.

NC_Mtg_Loaner — Wed, 06 Sep 2017 22:17:54 GMT

what's wrong with credit in the mid-600s?

Did you have a short sale, foreclosure or BK we don't know about?

Re: When to start the process with a va loan.

Anonymous — Wed, 06 Sep 2017 22:26:30 GMT

Stick to your plan! Two years is plenty of time to get your credit profile ready. My wife and i ALSO gave us two years to pay off CCs, car loans etc back in 2013 and purchase a home in 2015. We met our goal and paid everything off, we had $0 debt (yes $0) when we bought and got 3.25%

Our process was quickly and efficient. We saw about 20 homes here in San Diego before we made a decision. The loan offer was efficient as well. It took us about 3 to 4 months from start/looking at homes to finish/move in. I would suggest start looking at homes a least 5 to 6 months before your lease is up. There will be A LOT of paper work and some you'll have to fetch. Have everything ready, the loan officer will tell you what to start collecting; paystubs, taxes, employment history, addresses, phone numbers etc etc.

Re: When to start the process with a va loan.

Anonymous — Wed, 06 Sep 2017 23:09:01 GMT

Nope i had a foreclosure 8 years ago off my reports no judgements , i have 15k in savings. No cc debt, 1. 10k cd secured loan to buy my motorcycle. She has 6k owed on her truck and some collections on her credit as well.

My credit profile.
3 collections 1 will fall off 10/18 the other two I'm paying next month.
1 repo charge off falling off 11/18
1 49$ charge off paid
9 positive tradlines
Discover card 2500
Quicksilver 1300
Suncoast rewards 500
Us bank secured 1000
Nfcu nrewards 500
10k cd secured
Rehabbed navient student loan 3900
Old student loan tradeline 9 lates
Paid off secured loan.
Comenity overstock card 250

Thats my history.

Re: When to start the process with a va loan.

Anonymous — Wed, 06 Sep 2017 23:10:56 GMT

I thought credit in the mid 600's wasn't great for a.va loan. I'm new to all this. I'm not very educated when it comes to his entired process that is why I am.asking for help.

Re: When to start the process with a va loan.

Anonymous — Wed, 06 Sep 2017 23:41:49 GMT

@Anonymous wrote:
Nope i had a foreclosure 8 years ago off my reports no judgements , i have 15k in savings. No cc debt, 1. 10k cd secured loan to buy my motorcycle. She has 6k owed on her truck and some collections on her credit as well.

My credit profile.
3 collections 1 will fall off 10/18 the other two I'm paying next month.
1 repo charge off falling off 11/18
1 49$ charge off paid
9 positive tradlines
Discover card 2500
Quicksilver 1300
Suncoast rewards 500
Us bank secured 1000
Nfcu nrewards 500
10k cd secured
Rehabbed navient student loan 3900
Old student loan tradeline 9 lates
Paid off secured loan.
Comenity overstock card 250

Thats my history.

I see now...2 year is must then, until all those negatives fall off.

Re: When to start the process with a va loan.

Anonymous — Wed, 06 Sep 2017 23:54:30 GMT

The negatives will fall off in 12 months, i will be pursuing early exclusions. So i should be good in 12 months time 13 at most, then all i will have is that 49$ paid charge off and 2 paid collections that i will goodwill campaign to get off my reports. That's why I originally said 12 to 18 months to work on my credit.

Re: When to start the process with a va loan.

Anonymous — Wed, 06 Sep 2017 23:57:53 GMT

I have another question. I don't pay taxes my va income isn't taxable and neither is my ssdi. How will this affect me getting a va loan?

Re: When to start the process with a va loan.

VALoanMaster — Thu, 07 Sep 2017 01:31:20 GMT

There is zero reason to wait & I'll tell you why.
1) The ladies ne'er you wait, the more it will cost you. Housing prices are continuing to go up in most markets so if you wait you could end up paying several thousand more for your house.
2) Rates - no one knows what rates are going to do but most people agree that they are only going to go up which means you'll pay more.
3) Your scores are fine for a VA mortgage & VA is pretty lenient when it comes to derogatory credit.
4) Guidelines change - this is something that's a little less important since VA doesn't change their guidelines a lot but they do change them so you risk running into an issue with a guideline change if you wait.

The fact that your income is not taxable is a huge benefit for you because we can gross it up if we need to which helps your debt to income ratios. It also helps your residual income calculations.

One huge benefit, depending on what state you're in, is the state/county will wave your property taxes if you have a 100% service connected disability rating.

As far as how you find out where you stand right now, you apply for a pre- approval with a lender that specializes in VA mortgages.

Re: When to start the process with a va loan.

Anonymous — Thu, 07 Sep 2017 12:25:51 GMT

Will having no tax returns hurt me? Since my income isn't taxable I do not file.

Re: When to start the process with a va loan.

Anonymous — Thu, 07 Sep 2017 12:28:03 GMT

I'm in Florida and only 70% disabled so my tax credit is 5k

Re: When to start the process with a va loan.

VALoanMaster — Thu, 07 Sep 2017 12:46:41 GMT

Nope, I do VA loans without tax returns all of the time. Feel free to pm me if you need help.

Re: When to start the process with a va loan.

Anonymous — Thu, 07 Sep 2017 15:24:00 GMT

Thanks for the info and I will definitely pm you when I get close to starting this process, I'm out of my depth. Dv