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Profile picture for 2005 joe

no job

I am separating from military in a month, will go to school and use the GI bill(thats a monthly stipend of about $1600). I am married, wife is a foreign national, no credit score. I have a credit score in upper 700's, between the two of us we have about $140k in savings. Question - is there a chance to get a decent mortgage in the range of $200k-250k?
  • November 01 2013 - Denver
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Answers (8)

Hey joe 

You need more income for loan amount 200k to 250k ,its not possible with  $1600 a month income. . 
  • November 01 2013
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It is great that you are studying, and congrats for the money that you managed to save. It is a difficult thing to do. Realistically you should be very conservative with your downpayment. You don't want to loose any of it by taking too much risk, even if you qualify for a loan, which is very unlikely at this point in your life.

The underwriting guideline says:

Analyze the probability of continued employment (that is, whether income is stable and reliable). Ideally 2 years is required, but it is not a minimum. Employment less than 12 months is not considered stable and reliable. However, it may be considered stable and reliable if the individual facts warrant such a conclusion; education in the field of your professional activity being one of them.
  • November 01 2013
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Have wife file for ITIN number
read here: http://www.irs.gov/Individuals/Individual-Taxpayer-Identification-Number-(ITIN)
Then she should apply for 4 secured credit cards - go to 4 local banks and put $100 - $200 in each account to secure a card. The card should have some usage- ie pay for something you need like a utility bill or food, and replenish the account. Pay those perfectly. This will establish credit in her name (or joint secured accounts can also work)
Next she needs employment - something in the town where you will be attending school. Perhaps work part time in the field that you will study. Keep your savings in the bank and rent a modest place. In a year use the VA eligibilty to buy a home but don't use all the cash- save half. You will need income to qualify.
  • November 01 2013
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VA specifically excludes educational stipends (GI Bill) from "qualifying income".  Without any other source of income for you, you will not be able to qualify at this time.
  • November 01 2013
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Have you considered a VA loan? This loan is meant for veterans and has great benefits. There benefits include no cash down and competitive rates. Also, you can use the stipend as income as long as it is not temporary. Also, does your wife have any reported income? Or any reported foreign income? I would say that hardest part right now would be your income. An important thing to understand is that your ability to obtain a loan relies on other factors as well. These factors include assets, liabilities, expenses, debt, down payment, employment, as well as income. Since you have a lot in savings, it is possible to find a loan option that requires maybe 40% down, which can help your rates and will allow your income to be over looked. Either way, I suggest you speak with a lender like myself who would be glad to speak with you to help you get the loan that you need. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
  • November 01 2013
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You are in a fabulous position to buy. With your savings and credit score and GI benefits, you have multiple options for loans. Be sure to discuss with a mortgage broker the advantages of Conventional loans -vs- VA loans. Because you don't have to go with a zero down VA loan, you may find that Conventional loans are cheaper to get and less expensive all around. Congratulations on being a saver - it gives you multiple opportunities when purchasing a home.  Best of luck in your home search!

P.S. check out at least 2 lenders before you make any decisions on loans. Ask your real estate agent to give you 2-4 recommendations.
  • November 01 2013
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You have a good chance of getting a VA loan If you possess a Certificat of Eligibility for VA Loan, Check with you preferred lender for prequalifying and differnt loan options.
  • November 01 2013
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Profile picture for The Mortgage Mark
Do you recevie VA benefits other than educational?  Is your wife working?  I would start with trying to have her establish credit. 
  • November 01 2013
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