I am a first time buyer. My middle score is a 594 and my debt to income ratio is about 9%.
I have a good income (over 6,000) a month and not alot of bills. Although my income is good my credit scores arent that high.
I am looking to put a downpayment down of about 30,000, but will I still get screwed on interest rates because of my credit score eventhough my income is good.
And would a VA loan be the best way for me to go?
I am looking to buy in GA
HELP!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
2006-09-15 03:35:37 · 8 answers · asked by angelajock 3 in Business & Finance ➔ Renting & Real Estate
With your credit score you interest rate might be slightly higher however you may not need to put down so much money seeing as how you are using a VA loan. With your income you should be able to get a pretty nice house and have to pay a minimal down payment. Good luck.
2006-09-15 03:44:47 · answer #1 · answered by Medical and Business Information 5 · 0⤊ 0⤋
SERIOUS OUCH! Since you're using a VA loan though you might be alright and your payments may be rough for the first year or so,(all you have to do is refinance) I think your best bet is to go to a firm w/ an in house loan advisor, Prudential, Coldwell Banker and GMAC usually have them, explain how you are a first time buyer and you would like to use your VA loan.....The officer can work w/ the VA and get you suited for the best payment plan & have you matched w/ an agent that best suits you. The the Prudential website and that will be a great start!
2006-09-15 03:43:59 · answer #2 · answered by arielchrisandjunior 2 · 0⤊ 0⤋
Luckily for you, VA is not credit score driven in the loan decision although it is a consideration. You should be fine, especially considering the fact that you are going to make a substantial down payment.
I'd be happy to help you. I work for a nationwide lender (not a .com) and can loan in all states. my email is Nlabonte@firsthorizon.com.
2006-09-15 04:03:13 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The best way, as far as I can see, is to do a web search for other disabled vets that are selling. If you buy from one of them, the process is easier and they will get thier va home loan entitlement back because they are selling to a qualified vet.
A few years back, my mom was in the opposite position. She was a vet that had to sell her house. She sought a vet to buy hers, had it sold in a month and regained her entitlement.
There are all sorts of web sites where you can find vets advertising to sell, just have a look...
2006-09-16 05:09:04 · answer #4 · answered by Geaux Ghoti 4 · 0⤊ 0⤋
VA loans have changed. Now, they offer lower monthly rates and no money down. Call them!
2015-08-14 10:17:07 · answer #5 · answered by Disgusted 2 · 0⤊ 0⤋
My son is a vet also and Im assisting him in his new purchase. The best answer lies within the horse's mouth, therefore go here and everything is explained.
Department of Veteran Affairs – Home buying programs for Veterans:
http://www.homeloans.va.gov/veteran.htm
Buena Suerte
2006-09-15 04:25:49 · answer #6 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
Make sure you go directly to the va.they use agency underwriting.you will not need a down payment.most lenders use automated underwriting which will probably come up as a decline with your score.Unfortunately i cant help you in Georgia but i can give you free coaching.18004819791 xt 2202
2006-09-15 08:01:31 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I am a combat vet myself and I may be able to help you out.
I do VA loans.
Matt
http://www.diversifiedlender.com/
2006-09-15 03:55:13 · answer #8 · answered by Matt J 3 · 0⤊ 0⤋