I can tell you as a disabled vet is if you are still in service, use the NFCU or the USAA. Disabled vets also have fees taken off VA loans. Another resource is Jake Broe/Navy on YouTube and a military resource that talks about finance, credit cards and the VA loan. Some lenders will use low Fico scores and spouses against you so they can make more interest on you. There is a lot of predatory lending out there and you have to be very careful and use due diligence. I am going through the VA process and with low inventory and marked up prices on homes...It's like an Mad Max movie! These owners want higher prices which is their option, but after the VA appraisal which comes in at neighborhood comps, it bursts their bubbles. Property I'm going for right now is gonna hurt the owners feelings when the appraisal comes in. Enough about me...With your scores and debt i would guess you'd get 150-200K you need to run the numbers if you are gonna pull the gun RIGHT NOW! Remember that if you run the numbers it will lower your score temporarily. Otherwise, build up your score by paying off what you can and gardening your credit. Remember, there's nothing wrong with a condo or starter home and even though I'm aprroved for more house, I'm staying on a budget and trying to live BELOW my means. Hard times are coming my friends and good luck to your family!!!
@flexin222 wrote:I can tell you as a disabled vet is if you are still in service, use the NFCU or the USAA. Disabled vets also have fees taken off VA loans. Another resource is Jake Broe/Navy on YouTube and a military resource that talks about finance, credit cards and the VA loan. Some lenders will use low Fico scores and spouses against you so they can make more interest on you. There is a lot of predatory lending out there and you have to be very careful and use due diligence. I am going through the VA process and with low inventory and marked up prices on homes...It's like an Mad Max movie! These owners want higher prices which is their option, but after the VA appraisal which comes in at neighborhood comps, it bursts their bubbles. Property I'm going for right now is gonna hurt the owners feelings when the appraisal comes in. Enough about me...With your scores and debt i would guess you'd get 150-200K you need to run the numbers if you are gonna pull the gun RIGHT NOW! Remember that if you run the numbers it will lower your score temporarily. Otherwise, build up your score by paying off what you can and gardening your credit. Remember, there's nothing wrong with a condo or starter home and even though I'm aprroved for more house, I'm staying on a budget and trying to live BELOW my means. Hard times are coming my friends and good luck to your family!!!
In today's market for resale a seller typically won't accept a VA offer because they're getting $30-$100k over asking (or appraised value)- they will either take a cash offer or a Conventional loan where they're putting more than 20% down to absorb the cost. Poster will pay a higher rate as well as higher cost for the rate because of the scores- 90% of lenders won't even approve unless 620 or higher due to COVID.
Veteran here doing a new build as well as a mortgage loan officer.
90% of all my appraisals are coming in higher, although you have a few that have come in $15-$30k lighter and getting an appraisal scheduled and completed are taking a little longer, especially in TX.
@armywifelong03 wrote:@MauiMan85297 did you mean $415K lower? Or did I misread? Lol. And, to clarify, lower than their pre build appraisal? Or just lower in general.
Our paperwork was submitted April 9th and our appraiser was at our house yesterday. So, I guess we were a lucky one.
Sorry- had to edit- $15-30k lighter (these are on resales), typically appraisals on new builds for VA come right in at purchase price, some do tend to come in higher like now in this red hot market.