We make over $7,000/ month, we have fair credit, we've been on our jobs for over a year, and we onlly have a 31% debt ratio - the house is $210,000
2006-06-24 08:57:53 · 5 answers · asked by countess 1 in Business & Finance ➔ Credit
You shouldn't have a problem getting a loan. However, the best thing to do would be to go to a bank and have a consultation. Shop around for the best rates. Don't sell yourself short.
2006-06-24 09:02:31 · answer #1 · answered by ? 3 · 0⤊ 0⤋
VA as in Veterans Administration. Well if you qualify for a VA loan yes you are garanteed the loan. I was going to use mine 4 years ago. Now I served in the Marines from 72-80. While I was at the bank I was trold that the VA Loan even though it was garanteed, it would also take several months. I went for the straight home loan with the bank. IN TWO weeks I had the money.
2006-06-24 16:07:17 · answer #2 · answered by GRUMPY 7 · 0⤊ 0⤋
how could you fail with 7 grand per month? you don't need a down payment for a VA loan and they usually approve up to 320,000??? You could get a conventional loan with an income like that..
I thought though that VA loans were for military/exmilitary ?? Remember that military folk get these because they DON'T make very much...
2006-06-24 16:02:43 · answer #3 · answered by juanes addicion 6 · 0⤊ 0⤋
I would suggest speaking with the bank that you normally do business with about the mortgage.
If you have "fair" credit, you should try to work on it before applying for a mortgage.
2006-06-24 17:07:11 · answer #4 · answered by echo 7 · 1⤊ 0⤋
I cant see why you wouldn't get approved. I'm a loan officer, contact me if you need help
2006-06-24 16:01:50 · answer #5 · answered by SAGE 2 · 0⤊ 0⤋