Va loan approval

Posted: Fri Jul 18, 2008 7:13 am Post subject: Va loan approval

If I have lived overseas as a Stay at home mom and return to the states this coming January and work for one year, if my credit is ok(low 600'S) could I be approved for a va Loan.My husband is not a citizen but will have his green card by that time but will not have any credit or a job here so i am going to have to do everything alone.Does having 40k in the bank help my chances?

laphillips · Posted: Fri Jul 18, 2008 12:30 pm Post subject: Va loan approval

You don't say...are you a veteran?

kwilliams · Posted: Fri Jul 18, 2008 1:54 pm Post subject: va loan approval

Why didn't you work oversea's. And are you a veteran or did you have someone in the service? But, what is your profession? Did you go to school for it and have a degree?

Posted: Sat Jul 19, 2008 4:51 am Post subject:

Google "VA 26-7" and read Chapter 4, paragraph 2 -- in particular paragraph 2n to see if the shoe comes close to fitting.

Posted: Thu Jul 31, 2008 11:47 pm Post subject:

So My husband and I decided we will rent for a year or 2 then look into buying since we would like to get to know the neigborhoods better.
I do qualitfy for the va-loan I was active military.
I have not worked a normal job because I have been a stay at home mom for the past 4 years.I am working on boosting my credit score and in 2 years we should be good to go.
Thank for the replies

larry · Joined: 27 Jun 2007 Posts: 3328 474.49 Dollars($)

Hi Guest.

Welcome to the forum.

I think VA loan is for the Veterans. To get approved for the VA loan you should have the certificate of eligibility which is issued by the Department of Veteran Affairs, United States. This certificate actually ensures that you are qualified to get a loan which is guaranteed by the Veteran Affairs. Know more about Certificate of Eligibility for VA Home Loan at http://www.mortgagefit.com/eligibility-certificate.html

Hope this helps. Feel free to ask if you have any further questions.

Best of luck,
Larry

Samantha

I think you are on the right track. It's better to understand the market before buying a home with mortgage. What about home prices in your area? Are they on a decline just as in other states?

I appreciate your approach towards buying a home. At times people are in a hurry in getting approved and they somehow get a loan and forget about any pitfalls as such. The fact is, one needs to understand his needs and the prevailing market, at least to some extent, and analyze his own financial situation. This helps him understand whether he can afford a mortgage.

The next step is to check your home affordability based on which he'll come to know how much mortgage he can afford. And last but not the least, credit repair is one of the most important steps in getting a mortgage. You can check out the credit repair tool in this regard. There are lenders who'll even work with you to boost up your score prior to offering you any loan. So, be rest assured, you've taken the right decision!

If you need any other information on home buying and mortgage, do not hesitate to ask the community.

May god bless you.

Samantha

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