Va loan approval

[Anonymous]

Scenario 

Credit score - 750

Dti- 0 ( I have one Credit card that is 0 dollars )

1 year of service in

I want to purchase in howell nj or voorhees nj . 

What's the likelihood of me being approved for 500 k mortgage? 

[Anonymous]

You left out several pieces of information. What is you'd monthly income? Have you been on your job for 2 or more years consistently? Are you exempt from the funding fee? What are the county taxes and insurance.... we definitely need Moore information 

[VALoanMaster]

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@Anonymous wrote:

Scenario 

Credit score - 750

Dti- 0 ( I have one Credit card that is 0 dollars )

1 year of service in

I want to purchase in howell nj or voorhees nj . 

What's the likelihood of me being approved for 500 k mortgage? 

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Hi @Anonymous,

Are you 1 year in to your military service? If so, you'll need to pull a copy of your certificate eligibility.

I would need to know how much you make to figure out if you would qualify for a 500K mortgage.

[yodi2007]

Taxes there will not be your friend in NJ! 1 year in, I hope you're an Officer and married! Enlisted with one year of service getting a 500k loan will be laughable as your 30k/yr will not be enough! 500k/360 months is 1388/month alone! Taxes, home insurance, repairs, interest, and etc will creep that up even further! Expect a 2300-2500/month mortgage. Your BAH will be 1600/month! No lender will give you a 500k mortgage, you'll be house poor! 30k/12=2500 a month before taxes! Stay on Base until you are E-5 or an officer or your spouse is masking some nice bank!

When I was in the Air Force in NJ, I just lived on base even with my wife making way more money than me (36k vs 68k)!

Reminds me of some airmen E-1 to E-4 spending 600-700/month on a car with their insurance being 250/month and their take home pay being 850 every two weeks. They have no spending money left except to buy a few video games, smokes, and beer! Just don't do it young man, now is not the time to get one if you are enlisted with one year!

[Anonymous]

30 k a year . This loan in question is for a second house . My primary residence is in NY. However my wife wants to starts building our early retirement house so we are looking at our options. 

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@VALoanMaster wrote:

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@Anonymous wrote:

Scenario 

Credit score - 750

Dti- 0 ( I have one Credit card that is 0 dollars )

1 year of service in

I want to purchase in howell nj or voorhees nj . 

What's the likelihood of me being approved for 500 k mortgage? 

---

Hi @Anonymous,

Are you 1 year in to your military service? If so, you'll need to pull a copy of your certificate eligibility.

I would need to know how much you make to figure out if you would qualify for a 500K mortgage.

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@VALoanMaster wrote:

---

@Anonymous wrote:

Scenario 

Credit score - 750

Dti- 0 ( I have one Credit card that is 0 dollars )

1 year of service in

I want to purchase in howell nj or voorhees nj . 

What's the likelihood of me being approved for 500 k mortgage? 

---

Hi @Anonymous,

Are you 1 year in to your military service? If so, you'll need to pull a copy of your certificate eligibility.

I would need to know how much you make to figure out if you would qualify for a 500K mortgage.

---

---

@VALoanMaster wrote:

---

@Anonymous wrote:

Scenario 

Credit score - 750

Dti- 0 ( I have one Credit card that is 0 dollars )

1 year of service in

I want to purchase in howell nj or voorhees nj . 

What's the likelihood of me being approved for 500 k mortgage? 

---

Hi @Anonymous,

Are you 1 year in to your military service? If so, you'll need to pull a copy of your certificate eligibility.

I would need to know how much you make to figure out if you would qualify for a 500K mortgage.

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[Anonymous]

So some insight that might clear up the laughable, beer , smoking and other things you mentioned. 

My wife makes 148k year so that wouldn't be an issue. 

This scenario is for a second property of which my wife is calling it " vacation home away from the city " 

Our primary residence is NY ( long Island to be exact)

Signed 

Young man 

[yodi2007]

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@Anonymous wrote:

So some insight that might clear up the laughable, beer , smoking and other things you mentioned. 

My wife makes 148k year so that wouldn't be an issue. 

This scenario is for a second property of which my wife is calling it " vacation home away from the city " 

Our primary residence is NY ( long Island to be exact)

Signed 

Young man 

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Meant no disrespect. That clears up what you can afford. Go for it. Yes you can afford the 500k home then. Nothing wrong with a second home for vacation purposes then. I was just stating what I seen from alot of young Airman who got into serious trouble over mismanaging their finances. It was a headache repremanding and sending them to finacial courses mandated by the Air Force. I do not miss those days and happliy traded NJ for GA and in the next couple of years to Louisiana (large portion of my Air Force friends live there now) and love the much cheaper homes and warm climate!

Signed 

Old Man

[VALoanMaster]

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@Anonymous wrote:

So some insight that might clear up the laughable, beer , smoking and other things you mentioned. 

My wife makes 148k year so that wouldn't be an issue. 

This scenario is for a second property of which my wife is calling it " vacation home away from the city " 

Our primary residence is NY ( long Island to be exact)

Signed 

Young man 

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@Anonymous wrote:

So some insight that might clear up the laughable, beer , smoking and other things you mentioned. 

My wife makes 148k year so that wouldn't be an issue. 

This scenario is for a second property of which my wife is calling it " vacation home away from the city " 

Our primary residence is NY ( long Island to be exact)

Signed 

Young man 

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Based on the info provided, you'll be fine for a 2nd home. Just a heads up, you will not be able to use your VA loan for it and you'll need at least 10% down.