Profile picture for jchudde

VA Home Loan for first time buyer

My three bureau credit scores are 680 (equifax), 692 (transunion), and 708 (experian). My credit utilization is high at 86% - thanks to several medical bills that I am paying towards currently. I can likely improve my scores dramatically by paying down $1000 per month of principal on my credit cards. My wife's scores are significantly lower thanks to a missed payment from a couple years back. I make around $75,000 and she makes around $50,000. Should we apply together or should I apply on my own? Do you think we would get approved at a good rate currently or should I continue to pay down on my principal for a few months before applying? Thanks for any advice you can share. 
  • April 15 2013 - Cincinnati
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Answers (8)

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Profile picture for 800lbs In The Room
SO Dan.... Let me get this straight. You posted an answer that tells the User you dont have the answer but you will put them in contact with a great resouce to get the answer??? News flash, that is why they are on ZIllow: Looking for an answer from a resource. Pay for your advertising like the successful Agents do.....
 
Furthermore, with 289 posts, you are fully aware of the GNP and know you will have most of your post deleted shortly.

Thank you for verifying your intent is not to actually help those with questions, but to self promote yourself and add no value to this forum.

Good Day Sir.
  • April 15 2013
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Profile picture for Enrique Pelayo Jr
Hello jchudde!  A lender would need to consider your debt ratio before knowing if your qualify for a loan as is or need to pay debts down.  Your score is fine as most lenders require at least a 640 plus.  If you're applying for VA financing, the important thing to note is the actual Verteran needs to be on the loan.  If you are the Veteran, you will not need you wife on the loan but would need to consider her debts into the overall debt ratio.  All this aside, working with a lender that has experience  with VA financing is highly important as the guidelines are very unique but provide extremely high benefits to Vets.  I hope this helps you in your search and empowers you towards taking the next steps towards homeownership!

Regards,
Enrique P.
  • February 10 2014
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Based on your information, I don't see why you couldn't get a VA loan with good terms. 
=======================
....well other than that nowhere in the post does he mention being an eligible veteran.  I'd imagine that'd be an important question to ask first.
  • April 24 2013
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I can offer you a VA loan with outstanding terms. My rates are some of the best out there and cost are cheap, if any. 

Based on your information, I don't see why you couldn't get a VA loan with good terms. 

Give me a call to discuss more. 

Thanks.
  • April 23 2013
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Some banks, like ours, offer the same terms on VA loans if you have a 620 score or an 820 score. You may both be able to apply now. Feel free to contact me via my profile if you want to discuss.
  • April 16 2013
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Profile picture for DanWeis
Hi,

There are many factors involved in determining what's best for your situation.  While you're provided some valuable information, you really need to have a mortgage consultant talk with you personally and review your qualifications.

I've been a Realtor for 28 years and I've worked with [deleted by Zillow moderator.]. My clients love him and he does a great job.  Contact ***for a no obligation, mortgage plan review and he'll give you several mortgage options.  

[promotion deleted by Zillow  moderator. Please see our good Neighbor Policy for posting guidelines] 

Let me know if there's any other questions I can help you with.



Take care, 

Dan Weis
[contact information deleted by Zillow  moderator. Please see our good Neighbor Policy for posting guidelines]
  • April 15 2013
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Based on your scenario, you should have no problems getting aproved for a VA home purchase. The question would be how much home are you lookig to buy? Because of your high credit utilization you may be limited on your loan amount. As far as your score vs a rate, you will get the best rate possible for a VA Loan in light of your scores.
Please feel free to contact me on my profile to discuss your options.

All The Best
  • April 15 2013
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I suggest you contact a lender in your area so they can review your current situation and determine what is best.
  • April 15 2013
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