topic Re: Do I bother applying for a mortgage? in Mortgage Loans

Do I bother applying for a mortgage?

Goeagles1231 — Tue, 20 Mar 2018 17:10:49 GMT

A little about my situation. 40% disabled veteran looking to buy house between $250-300,000.

Me and spouses credit ranges from 612-630. Our income together is around $80,000 a year. We have been at our jobs for about 3 years. We had a BK13 discharged in January 2018. Our only debt is I have a car payment as well as her which total $700 a month together. I have 1 credit card with zero balance on it. I have a collection from verizon wireless which I am in the process of disputing. We currently have a mortgage with wells fargo. We want to sell the house or rent it out. I do not think we will get what we owe if we sell it. I had a loan modification over 2 years ago on the house. Is it possible or am I just dreaming. and what is best place to go for a VA loan. I am in the state of Delaware BTW. Thanks any advice is greatly appreciated.

Re: Do I bother applying for a mortgage?

Anonymous — Tue, 20 Mar 2018 22:42:38 GMT

I don't think you make enough to qualify for a $250-300k loan - more like $230k assuming you have money for down payment etc.

Have you checked mortgage calculators to see where it would land?

You may also have a hard time qualifying for an additional home without having a firm rental plan. Is there a good market in the area for house rentals? Do you have enough saved funds that if something happens with the rental you can cover those expenses along with the repair and maintence of the home you will be living in?

Just some thoughts I had...

Re: Do I bother applying for a mortgage?

OmarR — Wed, 21 Mar 2018 00:00:11 GMT

Is your current mortgage a VA loan? How much do you owe on it? And is it using up all of your entitlement?

Those numbers will make a big difference, unless you have saved a SERIOUS amount for a down payment.

Re: Do I bother applying for a mortgage?

Goeagles1231 — Wed, 21 Mar 2018 11:37:04 GMT

Yes my first house was a VA loan but was only $144,000. I have around $300,000 of entitlement left.

Re: Do I bother applying for a mortgage?

CreditInspired — Wed, 21 Mar 2018 23:10:34 GMT

Definitely talk to a lender. And depending on your DTI ratio, you do earn enough money for a $250-300K home. I am about to close on a $325K condo with a $70K income. And if it had not been for the $400+/mo condo fee, I would have qualified for much, much more home.