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Excelent DTI Ration, with high credit card debt

our DTI is between 20% but we have one credit card that is 11,000 limit and an $9000 balance. We have been paying off our car and other credit cards and only have one other with a $8200 limit and a $3200 balance with $20 min payment. Our credit scores are 706 and 726, and we are doing a VA Loan. What does this mean for us being approved for a home loan between 100k-160k?
  • August 13 2013 - Maricopa
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Answers (5)

I would be happy to answer any of your questions & get you approved for your VA loan.

  • August 13 2013
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This means you should talk to a licensed loan officer who can get the full picture of your financial situation.  Only work with a licensed loan officer to get advice on your best course of action.
  • August 13 2013
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The amount of debt on your credit cards typically will not matter as long as your DTI ratio is within the program guidelines.

There are numerous other factors that go into your qualification for a VA loan, spending 15-20 minutes with a lender is the only way to find out if you are truly qualified for the home price you are interested in.

Jake
  • August 13 2013
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Hello. It sounds like you could be approved but I would recommend talking to a lender first.

I have a question for you: what will you do about your closing costs? 

Did you know on a VA loan they can run as much as 4% of the purchase price?  Do you have that money saved? 
In this seller's market, it's not always easy to get the seller to contribute to your closing costs, especially with multiple offers on most available listings within days of them hitting the market.

I have a lender that has an awesome program for FHA & VA buyers that will grant you 3% to be used toward your closing costs.

I've already closed one buyer in the past few months using this program, and I will be closing a 2nd buyer in about two weeks using the same grant.

It's a true grant and will NEVER need to be repaid.

Email me through my profile and I'd be glad to share the lender's name and details about the program.

Thanks!

Jim Mitchell
Realty ONE Group
  • August 13 2013
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Any lender can give you an idea off of this information alone, However, It's always best to go directly to a lender and have them pull your credit to be sure there is no surprises. They will go over your personal situation with you more thoroughly once they have your documentation. I can recommend an AZ lender to you and send you their online application if that works best for you. Message me through my profile. 
  • August 13 2013
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