@Anonymous wrote:
Could I qualify for a VA loan with this current information on my CR? I am trying to get a mortgage for 125k (small condo). My ex wife really racked up some credit card debt. I expect to have it all paid off by february and my scores should go up by then, however these scores are current. I will have 2 debt obligations when I apply (student loan and car).
Eq: 677 Trans: 672 Exp: 667
Current gross wages: 93,000 Annually
Time at current job: 4 mos
Time at last job: 11.5 years (was active duty)
monthly debts: 350 student loans (21k balance)
595 car payment (25k balance)
Money to put down: 5K
Hi Deluna4real,
The only real issue/concern I see is with your time on job & here's why.
This is straight from the VA guidelines:
Generally, employment less than 12 months is not considered stable and reliable. However, it may be considered stable and reliable if the individual facts warrant such a conclusion. Carefully consider the employer’s evaluation of the probability of continued employment, if provided.
Assess whether the applicant’s training and/or education equipped him or her with particular skills that relate directly to the duties of his/her current position. This generally applies to skilled positions. Examples include nurse, medical technician, lawyer, paralegal, and computer systems analyst.
If the probability of continued employment is high based on these factors, then the lender may give favorable consideration to including the income in the total effective income. An explanation of why income of less than 12 months duration was used must accompany the loan submission.
So now the question is, does your current job tie in to you what you did in the service? For example: MP is the service & now LEO. Or is current position considered a "skilled" position like the ones mentioned above?
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