Profile picture for tlsagovac

How can I ensure I qualify for a home loan?

I am willing to go any route.  I had intended to use my V.A. loan and I could put money down in addition to that (but not much).  Would that help?  In addition, I will be on a fixed income, however, I could have direct deposits made each month for the house payment.  Would that help?  I've found a property that I want because it leaves room to do some light farming and I'd like to pursue that avenue.  The house is small, but it's not a trailer and the V.A. has a problem with any manufactured structure, which this is not.  What do you suggest?
  • November 16 2013 - Sparta
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Answers (9)

First step is to always speak with a licensed mortgage professional to go over all of your financing options.  Once we've looked at all your options, it is then up to you to figure out which option works best for your goals and your financial plan.  Once chosen, we get you qualified and then you can start searching for you house.  I'd be happy to go over all your options with you.  
  • November 18 2013
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VA loans are great options and you may need some money for other costs so it's good that you have money saved up. Unfortunately, we would need to know more about your finances to see if this is possible. I recommend that you speak with a lender like myself that would be happy to speak with you to see if we can get you started on this loan. Well I hope this helps, if you have any other questions or need a loan please contact me through the information on my profile page. I hope this helps and good luck!
  • November 18 2013
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Go for it!  With as much passion as you have for your dream it will happen one way or another.  Start by talking to lenders.  If the first one cannot help talk to others.   Good Luck!
  • November 16 2013
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Profile picture for tlsagovac
Thanks to all of my responses.  Now, I have hope!  I have e-mailed the realtor and perhaps he works with a lender who can handle V.A. loans.  I had seen a news special about someone doing light farming in their community and providing a small food bank for the area.  I have wanted to do such a thing since I saw that.  I have been to the LAPL in dowtown L.A. and online to learn all about canning.  Next, get the land and grow the food.  Again, the house is little but tidy and it's just old me, anyway.  People in Los Angeles say I'll get lonely, but I won't.  I'll be too busy working. :)
  • November 16 2013
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Profile picture for Nickitipton1
Thanks for your question and i agree with everyone. First thing i would suggest is to contact a lender and see what they say. hope that helps
  • November 16 2013
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Hello TLSagovac,

The short answer is if you can get a V.A. loan, do it. No other loan program I know has the benefits of a V.A, loan. Often, a lender can help you qualify by slightly increasing your interest rate and paying for your closing costs.

Since each situation is different, speak with your V.A. lender and ask these questions so that you get informed by the people who will work on your loan. If you are not satisfied with them or their answers, find another V.A. approved lender. Remember, they don't necessarily have to be in your or the properties immediate location. Good luck, and I hope you are in your home soon!
  • November 16 2013
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Profile picture for tlsagovac
Thanks for the responses.  I'm in CA currently and am looking in GA.  I don't have any current obligations (no credit cards, no loans, no car payment, etc.).  Conversely, I don't really have any credit, either.  I always believed "cash is king" esp. in this economy.  Since I don't have a paper trail, nobody knows if I'd be a good risk or not.  That's why I thought having the payment paid automatically each month might be better.  (If lenders even care about that sort of arrangement.)
  • November 16 2013
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Hi,

Using your VA loan is a great option.  The first step is for you to talk with a lender to go over your current scenario and evaluate your credit, income, and current obligations to get you prequalified for a home loan.

If you're in California, please contact me and I'll be happy to help you reach your goal.

Good luck!
  • November 16 2013
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Profile picture for sholacoker
The best place to start for the loan is to get preapproved by a mortgage lender that will put your credit and let you know how much you qualify for based on your score, employment, income, and other debts you might have. As far as the home goes, you want something that meets your needs even if it is small, and if this house does that, then go for it!
  • November 16 2013
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