topic Re: Is a VA Home Loan Impossible for Me!? Veteran here! in Mortgage Loans

Is a VA Home Loan Impossible for Me!? Veteran here!

Anonymous — Tue, 30 Jul 2019 00:32:14 GMT

Hi everyone,

I’m scared to seek pre-approval from a lender and underwriter! Below is a bit of finance/credit history I have:

My fico scores: 646, 630, 655
Yearly salary: $82,000 (working 2 years at same company)
Location of desire home: New Jersey
House cost: Anywhere between $285,000-$310,000 . I want a 3-4 bedroom with 2 bathrooms.

I currently have 4 super minor late payments of $100 or less (i forget to pay Sometimes). All late payments are more than 1 year old. All my accounts are current and paid on time after this issue.

-I currently have $21,000 in auto loan ($497 . Never missed a payment

-$15,000 in student loan ($195 monthly) never missed a payment.

I do not have any derogatory accounts remarks on my record.. I have 3 charge offs of $150 or less— they were all paid back in year 2013-2015.

Im estimating my monthly house payment (mortgage, etc) to be around $2200 per If anyone thinks An underwriter will approve me, or has experience.. please let me know! I need this fear to go away, lol. Thank you

Re: Is a VA Home Loan Impossible for Me!? Veteran here!

Mortgage-Specialist — Tue, 30 Jul 2019 02:38:07 GMT

Lookin good my friend. You should have no fears getting approved

Re: Is a VA Home Loan Impossible for Me!? Veteran here!

LakeLife — Tue, 30 Jul 2019 13:30:12 GMT

I'm sure you'll be fine as mortgage specialist says.. Do yourself a favor and create a budget spreedsheet and tick off those payments as you make them. You'll be less likely to miss them, and I'm sure your credit scores will increase as those 4 late payments fall off.

I've used my VA loan twice (1st time for my first house and 2nd time after my divorce) and it is a great program. Thanks for your service.

Re: Is a VA Home Loan Impossible for Me!? Veteran here!

JVille — Tue, 30 Jul 2019 14:48:11 GMT

Set up Auto pay on everything! If you want to pay more than the minimum you can always pay additional but at least you will never be late or charged a late pmt fee. Your Fico scores will never take a hit!
PS set those auto pays for 2 days early!

Re: Is a VA Home Loan Impossible for Me!? Veteran here!

VALoanMaster — Tue, 30 Jul 2019 15:56:20 GMT

@Anonymous wrote:
Hi everyone,

I’m scared to seek pre-approval from a lender and underwriter! Below is a bit of finance/credit history I have:

My fico scores: 646, 630, 655
Yearly salary: $82,000 (working 2 years at same company)
Location of desire home: New Jersey
House cost: Anywhere between $285,000-$310,000 . I want a 3-4 bedroom with 2 bathrooms.

I currently have 4 super minor late payments of $100 or less (i forget to pay Sometimes). All late payments are more than 1 year old. All my accounts are current and paid on time after this issue.

-I currently have $21,000 in auto loan ($497 . Never missed a payment

-$15,000 in student loan ($195 monthly) never missed a payment.

I do not have any derogatory accounts remarks on my record.. I have 3 charge offs of $150 or less— they were all paid back in year 2013-2015.

Im estimating my monthly house payment (mortgage, etc) to be around $2200 per If anyone thinks An underwriter will approve me, or has experience.. please let me know! I need this fear to go away, lol. Thank you

Hi MD27,

You are good to go!

Re: Is a VA Home Loan Impossible for Me!? Veteran here!

LakeLife — Tue, 30 Jul 2019 17:50:18 GMT

I really don't advocate auto-pay. If you're curious as to why, just search this forum for the disasters it has caused. Better to be on top of your bills yourself than let anything auto-pay.

Re: Is a VA Home Loan Impossible for Me!? Veteran here!

homeloanexpert — Tue, 30 Jul 2019 21:32:53 GMT

Hello my fellow Vet.

Sleep like a baby, you are good to go!

Re: Is a VA Home Loan Impossible for Me!? Veteran here!

Anonymous — Wed, 31 Jul 2019 12:56:58 GMT

Thank you ! I just have the fear of being rejected. because with a 2200, and my car loan and student payment.. my DTI would be at 40%-41%.

Re: Is a VA Home Loan Impossible for Me!? Veteran here!

Anonymous — Wed, 31 Jul 2019 12:58:07 GMT

I just have the fear of being rejected. because with a $2200 mortgage, and my monthly car loan and student payment.. my DTI would be at 40%-41%. but my front-end is 9% DTI

Re: Is a VA Home Loan Impossible for Me!? Veteran here!

Anonymous — Wed, 31 Jul 2019 15:37:22 GMT

I just have the fear of being rejected. because with a $2200 mortgage, and my monthly car loan and student payment.. my DTI would be at 40%-41%. but my front-end is 9% DTI

Re: Is a VA Home Loan Impossible for Me!? Veteran here!

VALoanMaster — Wed, 31 Jul 2019 16:00:54 GMT

@Anonymous wrote:
I just have the fear of being rejected. because with a $2200 mortgage, and my monthly car loan and student payment.. my DTI would be at 40%-41%. but my front-end is 9% DTI

Hi MD27,

Having such a low DTI will definitely help you get approved but VA is actually more concerned with your residual income.

Unless you have child support/alimony or child care, your residual income should be great based on your DTI.