Posted on: 04th Jan, 2009 10:27 pm
Greetings,
I am a new physician/veteran with a question about obtaining a VA mortgage. Basically I'm looking to get a ~$400k mortgage on a home in the city where I will be moving to (in 6 months). I currently don't qualify (based on debt ratio) as my current residency salary is much less than the new job (i.e. the pay of a fully-trained physician). The "new job" is with the federal govt to which I've already signed a contract with a $145k salary.
So....
Will a lender issue a VA loan based upon a contract statement?
Basically I'd like to avoid moving into an apartment in the new city just long enough to collect a couple pay stubs.
Thanks for any help.
I am a new physician/veteran with a question about obtaining a VA mortgage. Basically I'm looking to get a ~$400k mortgage on a home in the city where I will be moving to (in 6 months). I currently don't qualify (based on debt ratio) as my current residency salary is much less than the new job (i.e. the pay of a fully-trained physician). The "new job" is with the federal govt to which I've already signed a contract with a $145k salary.
So....
Will a lender issue a VA loan based upon a contract statement?
Basically I'd like to avoid moving into an apartment in the new city just long enough to collect a couple pay stubs.
Thanks for any help.
Hi Guest
I doubt whether the lender will agree to give you a loan based on the contract statement. But in my opinion, you should speak to the lenders first and check out what they have to say. If they agree to give you a loan based on the contract statement, you can go ahead with it.
Thanks.
I doubt whether the lender will agree to give you a loan based on the contract statement. But in my opinion, you should speak to the lenders first and check out what they have to say. If they agree to give you a loan based on the contract statement, you can go ahead with it.
Thanks.
standard practice in the industry has always been that your acceptance letter would suffice to verify your income. what you'll want to do is to check with a lender or two to verify that this is still happening. with the changes in guidelines happening almost every 5 minutes, you never can tell.
this is the sort of situation that requires "common-sense" underwriting by a lender. that, unfortunately, is in short supply these days, but there are pockets of resistance out there. you simply need to ferret them out.
this is the sort of situation that requires "common-sense" underwriting by a lender. that, unfortunately, is in short supply these days, but there are pockets of resistance out there. you simply need to ferret them out.
I am retiring from military in 3 months....do you think I can get a home loan with VA approval before I retire?
I am on line now!
lots of people are "on line now" but most of them are honest in their approach to business. shame on you.
what do i need to do to see if i am stil available for a va loan? or what cancels my options of being eligible
Welcome kw,
In order to get a VA loan, you will have to obtain a Certificate of Eligibility. Apart from that, you can qualify for a VA loan, if you satisfy any of the following grounds:
In order to get a VA loan, you will have to obtain a Certificate of Eligibility. Apart from that, you can qualify for a VA loan, if you satisfy any of the following grounds:
- Served in the Gulf War for at least 90 days.
- Served 90 days in the Korean War, World War II or the Vietnam War.
- Served 181 active duty days during peacetime.
- Served 181 days of regular active duty.
- If you are the spouse of a veteran who died while in the service. Or you are the spouse of the person who died from disability connected to service and you havent remarried.
- If you are the spouse of a service member who is a prisoner of war or is missing in action.
- If you have served in any of several other organizations such as Officer in the National Oceanic and Atmospheric Administration or Merchant seaman with World War II service, Public Health Service or a Cadet at a military-service academy.
- If you are a U.S. citizen who served in an Allied armed force during World War II.