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Answers (18)
- Clay Branch, "Georgia Loans"
- Contributions:7838
Erin most likely bought a home 2.5 years ago.
- Mar Nygard, "Mar Nygard"
- Contributions:54
Erin, you should have no problem getting a va loan if you are VA eligible.
- Marie Bjornson "FHA 203K Advisor", "FHA 203K Advisor"
- Contributions:15
VA has a lower funding fee than USDA - they are very similarly structured, and funding fee is not much different. later this year, USDA funding fee will go down significantly and USDA will actually have a monthly mortgage insurance.
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Bad advice is a cancer that plagues this forum Mark.
- Joe Cafiero, "Joe Cafiero"
- Contributions:3221
Well one reason NOT to choose the Rural Program is that there rates are about 1/2% higher. Another may be the rumor that they are running out of money to fund this program. Another may be the borrower is borderline on making too much income.
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
- Mark Juzwa, "Mark Juzwa"
- Contributions:85
Your best bet would probably be a USDA loan probably. Please see the link below and you can read up a little more about it and plug the address in to see if the property qualifies for this program.
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?NavKey=home@1
Good luck and if you need anything else please do not hesitate to contact me.
- Patrick Ignacio, "patrick ignacio"
- Contributions:322
Hello Erin,
Your chances are very good. Your VA eligibility certificate will tell you more about your benefits. Another alternative would be USDA rural financing. Fortunately, your credit score is very good and will only help ease the process for you.
- Nic Netherton, "Colorado Lender"
- Contributions:7219
No bearing Erez? You have some investors that will fund a VA with a 480 Fico?
- Liberty Mortgage
- Contributions:470
The credit score has no bearing on the VA loan (still a plus to have a score in the 700's) and most of the financing we have done with VA loan's have been at 100% financing. You will of course need to have your Certificate of Eligibilty to get a VA loan. The rural housing loan can be done as well but the home you are buying must fall into a specific geographical area.
- Bentley Advisors
- Contributions:294
You'll need to consult w/ a loan agent to have the merits of your loan file reviewed. Your husband will simply have to provide a copy of his VA Certificate of Eligibility and DD-214 or discharge papers along w/ the other standard loan documentation. Sounds good so far.
- Joe Cafiero, "Joe Cafiero"
- Contributions:3221
Erin..Stick with the VA option. Their rates are much better than the rural.
- Nic Netherton, "Colorado Lender"
- Contributions:7219
You will be fine. All your husband will need is a history of being in the military. Do not need to be active duty.
- Chuck Chrobak, "Chuck Chrobak"
- Contributions:40
- erin gibson, "gibsontrio"
- Contributions:13
the only thing Im worried about there is that my husband recently switched from full time military to police officer, Income is steady (60,000). We have one car loan 10, 000 and one credit card 9, 000
- erin gibson, "gibsontrio"
- Contributions:13
the only thing Im worried about there is that he recently switched from full time military to police officer, Income is steady (60,000). We have one car loan 10, 000 and one credit card 9, 000
- Joe Cafiero, "Joe Cafiero"
- Contributions:3221
The credit score is a good start. How is the income and outstanding debt.
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
If VA, good. Rural housing, I have no idea!
What are the chances of getting either VA loan or rural housing loan, no money down, w/ score of 731
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