I want to get a house before I get out so I don't have to rent an apartment, but I can't get approved for a regular home loan because the banks can tell I'm getting out, and I can't get a job until I get to my new location. I don't want to get stuck in a 6-month rental contract over this crap.
2006-06-27 00:47:00 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
The VA does not normally make direct loans. The loan is made by a bank or mortgage company. They use their standard underwriting rules when qualifying you for the loan. The VA only guarantees part of the loan. This guarantee is usually sufficient to avoid having to provide a down payment.
When I retired from the AF, I had a job offer in a different area 2 months before my last duty day. It just takes work to do that, but it's entirely do-able. I was able to get a mortgage based on my employment history and the new job committment.
Most lenders like to see a stable employment history, typically 2 or more years in the same industry and 6 months in your current job. You alread meet that test. Many lenders specialize in working with military personnel. Ideally, look for a credit union with military ties in your new location. If they are satisfied that you are likely to find a position that provides sufficient income to pay the mortgage they may will take a chance on you. At the very least, they will probably give you a conditional approval based on finding a job with adequate income. You'll probably need to actually get the job before they'll fund a mortgage but at least the scut work will be done.
If you can't fnd a lender in advance and don't have a job prior to your ETS you'll have to rent at least temporarily. Ask for a month-to-month contract as you're trying to buy a home. Or ask for a clause in your lease that allows you to break the lease to move into a purchased home. That's not unusual. Not all landlords will do it but it doesn't hurt to ask. I did that twice in my military career and one time the landlord agreed to add the clause AFTER I'd signed the lease.
Unless you ask for what you want, the answer will automatically be "No!" And if the first lender or landlord says, "No!" then look for another one. Someone out there IS willing to work with you on this, you just need to ask around.
2006-06-27 01:06:21 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
2
2016-07-23 02:16:19 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Check out Farm Credit Services-they do farming loans and will be the most likely folks to give you a loan They gave me a loan when no other bank or credit union would give me a loan (and this was during the height of banks giving out sub-prime loans to very bad risks) Like you I was carrying no debt. Unlike you I had been doing the small diversified farming thing for over a decade so already had built up a customer base and had records that i was making a profit. I also had a $100K down payment (which did not seem to matter to FCS).
2016-03-27 05:44:21 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Well, one of the stipulations to using the VA home loan is that you must be employed and have income. No bank in the world issues loans to people who have no money.
One of the nice advantages to using the VA home loan is that if your income and credit is high enough you won't be required to make a down payment.
Also keep in mind that renting is a little less expensive than a mortgage, depending on the area in which you live.
2006-06-27 00:53:19 · answer #4 · answered by dylanwalker1 4 · 0⤊ 0⤋
Fill Surveys Get Cash - http://OnlineSurveys.uzaev.com/?EJmg
2016-07-09 21:39:17 · answer #5 · answered by ? 3 · 0⤊ 0⤋
May be,if u show past records and a garenter.
2006-06-27 00:50:40 · answer #6 · answered by Dj Div 5 · 0⤊ 0⤋
I don't think this is feasible
2016-07-27 03:21:08 · answer #7 · answered by ? 3 · 0⤊ 0⤋
that is a tricky question..
2016-08-23 00:38:37 · answer #8 · answered by ? 4 · 0⤊ 0⤋