i'm a100percentservice connnected nam vet$3000.monthly for the rest of my life can i buy a home.?

Question

please help me with straight answers. my income is $2900. monthlymy credit score is 570? Eligable for a V. A. HOME LOAN.how do i g et started buying A home if i.m elagable at the time i don't have a down payment but my income is steady for the rest of my life and id be willing to sign papers saying take out money thats due for the loan and whatever every month right off the top take whatever i owe. give me somebody with the information thats on hand and work with it the way it is . Is there such people ?. UNITED STATES AMERICAN VETEREN WANTING TO PLANT SEEDS HERE IN AMERICA . THE FLAG IS CALLING IF THERE IS ANY ONE LISTNING.

Answer 1

My husband (veteran) and i are going through this right now. FINALLY, we got an approval. The VA is somewhat concerned with the credit score, but what they are most concerned with is that you have absolutely NO delinquencies, whatsoever, for one year.

The amount you'll be eligible to borrow will depend upon any other monthly obligations you have such as car payment, credit cards, etc.

If you've seen a recent copy of your credit report and you know you don't have any delinquencies for the past 12 months, you can get started like this:

~~Have your DD-214 in hand;
~~Have your Certificate of Eligibility in hand (www.va.gov to order it if you don't)
~~Have proof of your income, such as retirement papers, VA disability papers, copies of your monthly checks, 2-3 months of bank statements - something that proves your income, ya know?
~~Call around to local BANKS, starting with your own bank, and ask if they do VA loans. Many of them do. Don't bother with LendingTree or other online application places; regardless of your service to your Country, your steady income, they won't even look at you with a credit score under 700, regardless of what they say.
~~Once you've found a local Bank or Savings & Loan that does do VA loans, make an appointment with a Loan Officer and go in with all of the paperwork above. Tell them you don't have a problem with an automatic draft from your checking account each month if that will help you obtain a loan approval.

Your loan probably isn't going to stay with that Bank or S&L; chances are that they'll sell the loan to someone else, so don't be surprised when that happens. In fact, it's something you should ask the Loan Officer: "Will you sell my loan and, if so, who will you sell it to?"

The Loan Officer will pull your credit, look it over, tell you what needs to be fixed, explained, etc. Once you get that all ironed out, they will issue you a letter that you are PRE-APPROVED (you don't want one that you're pre-qualified .. you want pre-APPROVED),

Now you're ready to look for a house. You do not have to have a down payment to purchase with a VA loan. In fact, the Seller has to pay a significant portion of your closing costs.

Find yourself a good real estate agent. A lot of people will tell you that you'll get a "better deal" if you don't have an Agent. Yeah, you'll get a better deal if the deal you're wanting is to get scr*wed. Get an Agent. Go in to his/her office with your letter of pre-APPROVAL (this is like taking cash and will get you more attention).

Most people who are selling a house are asking a couple/few thousand more than they're willing to take, right? What we did was find a house that was within the amount of loan we were approved for. We knew they'd take less because they'll almost always take less unless it says "firm" by the price (the Agent can tell you if it's a firm price or not).

So, let's say we were approved for $100,000. We found a house that was on the market for $99,000. We offered $100,000 (a thousand more than they were asking), BUT we put a provision in the Sales Contract that Seller was to pay ALL of Buyer's closing costs. They accepted our offer so now we don't have to come up with any money for closing costs and our savings can go toward things we want to get for the house or do to the house.

Also, tell your Agent that you want the Seller's to provide a one-year Home Owner Warranty. This covers a LOT of expensive stuff that might break in the first year, such as the central heat/air uunit, built-in range/oven, dishwasher, and so forth. All you have to pay out of your pocket for anything that breaks is $50 if you have that one-year Home Owner Warranty. It's a great thing to have!

Now, you will have to put up Earnest Money with the Contract (I don't know what State you're in, so I don't know how that goes where you are). In Texas, for a house with a Sales Price of $100,000 or less, anywhere from $500 to $1,000 is acceptable as Earnest Money. If you want to hire a Home Inspector to do a private home inspection for you (and it's really to your best interest to do so), and if you live in Texas, you'll pay an extra $50 for a 10-day Option Period AND you'll have to pay for your private inspections out of your own pocket. This Option Period allows you to do all the inspections and such that you want to do and still be able to get out of the Contract within that 10-day period AND get your Earnest Money back. But, again, I don't know how it works in other States. But, your Real Estate Agent will .... and that's why you want one!

The lender will send out a VA inspector to make sure the house meets their standards, but that doesn't mean you won't move in and the bottom of the toilet leak when you flush it, or something.

I hope this helps you some. If you have some other specific questions about the process, do an "additional comments" thing and i'll check back in case i might know the answer or know what direction to point you in.

Answer 2

Been down this road twice now....do not even bother with a VA loan, it is way too much hassle. There are many other programs that are better and cheaper. Speak to a mortgage broker who can find the best lender/loan option for you.

It is a shame that a program that is supposed to help (VA)is really such a hinderance.

Good Luck
- another US Vet

Answer 3

I work at the VA in Gainesville Florida and also am a Veteran, If you contact a VA Service Officer they will be able to direct you properly. Not sure where in the USA you are, but the phone number to the VA in Gainesville Florida is 800-324-8387. My brother-in-law is also a nam vet 100% SC , gets full $$ also and the Gainesville VA Service Officer helped him out so he was able to get a VA loan.

Answer 4

Try your local Veteran Service Officer. He can provide you with information on loans. You can also try the VA benefits system. Call them directly at 1-800-827-1000 and ask about their homeloan guaranty program. You can also click here for info:

http://www.homeloans.va.gov/

Your local DAV can also help get you some info.

I am also a vet, Iraq and Somalia, and i'm 20% service connected.

Best of luck brother. There's always another vet listening.

Answer 5

I appreciate what you have sacrificed for our country, but the touch of "guilt drama" at the end of the question isn't really necessary, nor appreciated.

With that kind of income you should be able to buy a small home with little or no down. Find a reputable real estate agent in your area and lay out your information. They can usually match a borrower to the lender.

Also, one word of advice from a many time home owner, it is very tempting when looking for a home to find something you have to have - usually something too expensive. Also make sure you ask if your state has a first time home buyers program that can make your purchase easier

Tell you real estate agent your price range and stick to it. Then in a few years, you can resell and get that more fancy home with a nice down payment and higher credit score.

Also there are a lot of really good websites to help you figure how much house you can afford, what the payment would be etcetera.

Just google something like first time home buyer , or mortgage calculator.

Answer 6

makawao_kane gave some excellent advice.

As for chris - lighten up

I don't have much more to add over what makawao has already posted. But, that I wish you luck in your home hunting.