Hello there,I would recommend doing another VA loan. You can have more than one at a time. Going FHA would make you put 3.5% down, and you would pay monthly mortgage insurance while getting the same interest rate as a VA loan. Even if you have no entitlement left, you could still purchase a home in Texas up to $273,000 with zero down, and no monthly mortgage insurance using 2nd tier entitlement.Please feel free to send me a quick call or email if you have any questions. I do not lend in Texas, but its my pleasure to give you the best information I can.
Hello there,I am a VA lender but I do not service the New York area. I used to work for a different VA lender several years ago. I would recommend iFreedom Direct. My former manager Tim Lewis can be reached at 801-493-2700. He is a retired LTC from the Army and he will ensure as a fellow veteran, you are well taken care of.If you have any questions at all, please feel free to let me know. I may not be able to originate your loan, but its my pleasure to help you with all the information I can to help a fellow veteran.
Hello there,It seems your question was answered, but I wanted to give you a bit of advice just in case you run into this again in the future. You can actually have more than one VA home loan at a time. This is called 2nd tier entitlement and depending on your county limit, you can purchase another home while you are waiting for the other to get paid off.I have ran into this with quite a few clients, and using this knowledge will save you quite a bit of money in the future. Let me know if you need anything else. No matter what anyone else tells you, moving from an FHA to a VA loan is always going to help you. The key is to ensure that the lender isnt overcharging you to make a quick buck.Thanks,Brian
As a veteran with a VA home loan, and a VA lender, I firmly believe VA loans are here to stay. It is a self funded program that isn't losing money at all. The VA actually only guarantees 25% of the loan. The funding fees that they charge more than cover any foreclosures. Statistically, VA buyers are the least likely to foreclose, and when they do, the VA files a lien against your taxes. This means while you may never pay back your foreclosure to the bank, the VA will recoup their money anytime you file your tax return at the end of the year. Couple this with the funding fee, and you have a very successful program that will not be hurting for money anytime soon.All in all, I'm proud to be a veteran and the VA home loan is here to stay.
Hello there,Your scores are great for a VA home loan, and if you last late was in Oct, you will be ready to purchase again next month. Depending on where you are looking to purchase, it would be my pleasure to help you.Let me know what you think.Brian
Part time jobs require a two year history in order to use that income. Good idea, but it puts him in the same boat.
Hello there,It seems like everything here is handled pretty well, but I just wanted to add a fw things. The key for ensuring that you can apply and receive another VA home loan is going to depend on two things. First, when was the last time you had a late on your mortgage before it was sold? As long as it was 12 months ago, you will be fine. The time lines that Cynthia gave are standard for foreclosures, not mortgage lates.Second, do you know if you have a credit score above 620? If so, and you havent had a mortgage late in the last year, you will be good to go.Let me know if you have anymore questions. Since your primary mortgage was paid in full, and it was the 2nd mortgage that was short saled, your entitlement should be clear. If by some circumstance its not, you always have your 2nd tier entitement to fall back on.Thanks,Brian
Hello there,What you have heard is correct. You want to have at least a two year work history whether you are self-employeed, or W-2'd. Now that you are self employeed, things will be just a bit more difficult for you. Once you have two years worth of tax returns (2010, and 2011), the loan officer is going to calculate your income off of your adjusted gross income. This will be a double edged sword for you. You will definitely want to write off what you can to ensure your business is successful, but the more you write off, the less income you have to qualify for the loan. Let me know if you need anything else. I hope this helps.Brian
Hello there. It seems I am a little late to the party to help answer this. You can definitely have more than one VA home loan at a time. I have helped clients who have had 3 VA loans at once. It is all determined by how much eligibility you have left. What a lot of people don't know is that even if you DONT have any eligibility left, or you have foreclosed on some eligibility, you can still get a VA home loan using 2nd tier entitlement.Let me know if you have anymore questions.