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Old 07-08-2015, 04:36 PM
 
13 posts, read 7,830 times
Reputation: 10

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I am looking to buy a specific house in Suffolk County NY that is listed for $350k with 10.7k taxes.
I am an honorably discharged active duty veteran, and am currently an National Guardsman.
My credit score is about 705 and have 2 years of income from the same employer.
I brought in about 54k last year, and this year I will bring in $70k. 13k is from NG and the rest from my current job.
So far I show $43k income so far for this year.

I have $25 in debt a month. That's it. No car payments, no student loans, nothing.
I have $41,000 saved and have had this saved for quite some time.

I am not currently working with a bank, or a real estate agent. Can someone please tell me if I'm able to get approved for a mortgage with my income, and point me in the right direction.
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Old 07-08-2015, 04:43 PM
 
Location: Sugarmill Woods , FL
6,235 posts, read 5,386,899 times
Reputation: 13586
VA Loan info: Home Loans Home
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Old 07-08-2015, 04:45 PM
 
13 posts, read 7,830 times
Reputation: 10
What are you linking that for?
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Old 07-08-2015, 05:20 PM
 
Location: New York
2,251 posts, read 4,161,023 times
Reputation: 1607
Hi Leo

I'm in Hauppauge LI, for many years was a loan officer. Now my name says what I do. My $00.02 about VA loans, they are good for no credit score reference and no money down. However when it comes to the appraisal. The lender will pick it apart. Have you considered a Conventional Loan which is much easier?

This past week spoke with a CityData member "SmartMoney" on the telephone. I was impressed with her knowledge and all the programs their bank offers. They have a branch here in Long Island. I just text her, hopefully she is going to respond later.

Good Luck

.
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Old 07-08-2015, 05:34 PM
 
13 posts, read 7,830 times
Reputation: 10
Quote:
Originally Posted by Modification Specialist View Post
Hi Leo

I'm in Hauppauge LI, for many years was a loan officer. Now my name says what I do. My $00.02 about VA loans, they are good for no credit score reference and no money down. However when it comes to the appraisal. The lender will pick it apart. Have you considered a Conventional Loan which is much easier?

This past week spoke with a CityData member "SmartMoney" on the telephone. I was impressed with her knowledge and all the programs their bank offers. They have a branch here in Long Island. I just text her, hopefully she is going to respond later.

Good Luck

.
Thanks for the reply MS - I have considered a conventional loan but the issue is, I get hit with PMI which cuts down the total approval price by $30-40k, and the interest rate will be at least a solid .5 points higher. I'm speaking with a lender right now that is saying 3.375% interest rate for the VA loan. I can't find a conventional loan for under 4 right now.
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Old 07-08-2015, 07:20 PM
 
Location: MID ATLANTIC
7,598 posts, read 17,618,792 times
Reputation: 8078
Hi there Leo,

There are many considerations here....and I don't know how much you want to share on a public forum. And before I forget, thank you for your service.

To properly evaluate your qualifications, what kind of work is your primary job? Are you salaried or hourly? Are you self-employed. What is you TOS with NG? Determining your income is required before I (or anyone) can qualify you.

But the most important question is, how much is a comfortable payment for you? As a general rule, when I talk to someone on the telephone and they say they make X (gross), my mental math is the need to make at least 1/4 of the sales price. Keep in mind, that's for my area, YMMV. And don't take my little technique as scientific fact, as a VA loan if you are a single individual, you don't need the same living expenses as a family of four. You've obviously demonstrated the ability to save. Your current rent + savings pattern could make a strong case to push your numbers. You can also look at using some savings and looking at a conventional loan without the funding fee.

Think about where you want to be on a payment...........and answer the question regarding your job, either answer on this thread or by DM, it's your choice. And that is the most important thing about this process, don't let anyone push you out of that comfort zone, that, and trust your gut.
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Old 07-08-2015, 11:54 PM
 
3,317 posts, read 7,253,255 times
Reputation: 4095
ModSpec and Smart$ are always On Point.

Man, those taxes make that loan look like an FHA real quick, you got a grand in taxes and insurance per month. I'm doing 3.75% with no fees right now, (and that's not gonna last forever,) and the resultant $1,660-ish base payment (after we add in the Funding Fee - - I saw Honorable Discharge, is there a svc-rel disability, and if so, what %?) yields a total payment of approx $2,660. High 40%s (HOUSING ratio, we're not even talking Total, or HOA, for that matter) scares the Hell out of me.

(***BTW, even if you put ALL your savings down, it's a delta of like $185 a month, still a dangerous payment, even if you still somehow had $40k still in savings.)

I really try to avoid judgment and stick to the numbers, but you are pushing it hard with this property. Monthly Utilities, and trips to Home Depot (and you're always buying furniture and knick-knacks and it never, ever ends), are going to amplify the monthly expense by at least 25% if not more.

You could technically qualify and buy the house. I truly do not think you should do it.
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