Can I get approved for a VA Loan?

Keith.
Contributions:1

I am just about to move back to the Eugene/Springfield area after serving, I wish to buy a house in the 80-100k range with no money down. I will be collecting disability and a BAH stipend while using my GI bill at LCC, While my wife works a part time job.. My credit is right around 735 right now. I am not very familiar with Loans and would like some help!

I would love any advice for a beginner. Thanks.

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November 13 2011 - Springfield

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Answers (1)

Corri Klebaum, "CorriKlebaum"
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If your disability is permanent and your wife's part time income has been stable over the last two years it may be counted. It must be enough to support the house payment including taxes and insurance and you have the required residual after taxes and maintenance. The BAH and GI bill do not qualify as income and any other debt you have will taken into consideration as well. Your lender can get the Certificate of Eligibility for you when you apply and your funding fee information will be made available but chances are if you are collecting disability then it will be waived. Gather your last bank statement, DD214 (when available), award letter, LES, and your wife's pay stub for the last 30 days and meet with a reputable lender to determine what amount of loan you may qualify for. I would also have your 2009 & 2010 taxes and supporting W2's to verify the part-time income was steady.

Best wishes and thank you for your service.