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03-21-2009, 11:25 PM
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Junior Member
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Join Date: Mar 2009
Reputation: 10
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VA mortgage lender recommendation
I'm a first-time home buyer and have some questions about VA loans. Our DTI is 19/45% but we have excellent credit, etc. Can VA go up to this amount? Can anyone recommend a good VA lender who is not extremely rigid? Thanks.
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03-22-2009, 07:47 AM
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Senior Member
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Join Date: Jan 2009
569 posts, read 363,088 times
Reputation: 124
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Are you a USAA Banking member? If you are not, you should be able to join based on previous service. They have an online tool that is thorough and will give you multiple options on rates/points and show closing costs and VA funding fee costs. Their rates are competitive.
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03-22-2009, 04:37 PM
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Senior Member
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Join Date: Oct 2007
Location: Colorado Springs, CO
1,502 posts, read 1,113,108 times
Reputation: 683
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Quote:
Originally Posted by daxy
I'm a first-time home buyer and have some questions about VA loans. Our DTI is 19/45% but we have excellent credit, etc. Can VA go up to this amount? Can anyone recommend a good VA lender who is not extremely rigid? Thanks.
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Unless things have changed in the last 6 months (doubtful considering the worsening train wreck in the mortgage business) VA has a pretty hard limit at 41% back-end DTI. They don't look at the front end, so it's effectively a 41/41 requirement. I'm fairly certain that's a wall, and not a speed bump, and it's driven by VA, not the lender. |
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03-23-2009, 11:39 AM
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Senior Member
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Join Date: May 2008
Location: Centennial, CO
119 posts, read 79,980 times
Reputation: 45
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I would also recommend USAA if you are eligible for membership.
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08-02-2009, 11:46 AM
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Junior Member
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Join Date: Jul 2009
5 posts, read 2,419 times
Reputation: 10
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For anyone reading this later, just be aware that there is a time limit on membership to USAA. If you've been out of the service more than ten years you are SOL.
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08-03-2009, 04:53 PM
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Formerly NewAgeRedneck
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Join Date: May 2007
Location: Wherabouts Unknown!
4,137 posts, read 2,863,984 times
Reputation: 3473
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Keep pursuing the VA option no matter what. Don't allow the lenders or RE agents to talk you out of it, which they might do becasue it's a slower process for them. You earned it, you deserve it, so go for it. It's a great way to make a first home purchase. It was just the ticket I needed to get into my first home. A VA loan is one of the few good things the government actually does to make life better and a bit easier for a vet.
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