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My husband has a bankruptcy that will be off his credit report 9/08 (10 years after the fact). I am on a debt management program. We will be fairly close to being debt-free by July '08.
We are both retired/disabled. Husband has VA loan certificate. After paying off most all of the debt (we'll have maybe $3,000 left of debt). His credit score is 726 right now and is bound to go up after the bankruptcy is gone. All three major credit reporting companies show NO late payments for anything for the past 8 years.
We want to buy a house. Our price range is $150,000 give or take. We have no down. We are planning on doing this mid-summer next year. Our mortgage payments would be less than the $1,000 we pay in rent right now. Husband is exempt from property taxes because he has a service-connected disability.
We are both disabled. We both receive SSDI, for a total of $2,000 a month. Husband also gets VA disability of $2,600 a month. And I have my pension of $700 a month. (Total for those who are math challenged: $5,300.)
We plan to buy in NY (looking in and around Syracuse area).
Is there anyone out there who could tell us definitively if we could buy a house with no down? We will have saved enough (we hope) for closing costs and for the actual move to NY State.
We've put three kids through college. We are tired of renting when we know we could have a place to call our own. Since we're both on fixed incomes that will never go down, only up (at a snail's pace for sure), and the VA will guarantee a loan for us up to $417,000, will we be able to get approved?
And could someone tell me what PMI is? Other than a mortgage payment, and the property tax that we'd be exempt from, what other monthly costs are non-negotiable (insurance,etc).
VA LOANS HAVE NO PMI....with no money down.
I will still have the seller pay for closings costs which is always negotiable...
You're in a great position for the VA loan because they will waive the funding fee on it due to the disability!
the only way to find out if you qualify is to apply for a loan and see what happens! They will look at all debts to income ratios.
The bankruptcy isnt going to be a problem if it is more than 2yrs of age DISCHARGED
Quote:
Originally Posted by teebopop
My husband has a bankruptcy that will be off his credit report 9/08 (10 years after the fact). I am on a debt management program. We will be fairly close to being debt-free by July '08.
We are both retired/disabled. Husband has VA loan certificate. After paying off most all of the debt (we'll have maybe $3,000 left of debt). His credit score is 726 right now and is bound to go up after the bankruptcy is gone. All three major credit reporting companies show NO late payments for anything for the past 8 years.
We want to buy a house. Our price range is $150,000 give or take. We have no down. We are planning on doing this mid-summer next year. Our mortgage payments would be less than the $1,000 we pay in rent right now. Husband is exempt from property taxes because he has a service-connected disability.
We are both disabled. We both receive SSDI, for a total of $2,000 a month. Husband also gets VA disability of $2,600 a month. And I have my pension of $700 a month. (Total for those who are math challenged: $5,300.)
We plan to buy in NY (looking in and around Syracuse area).
Is there anyone out there who could tell us definitively if we could buy a house with no down? We will have saved enough (we hope) for closing costs and for the actual move to NY State.
We've put three kids through college. We are tired of renting when we know we could have a place to call our own. Since we're both on fixed incomes that will never go down, only up (at a snail's pace for sure), and the VA will guarantee a loan for us up to $417,000, will we be able to get approved?
And could someone tell me what PMI is? Other than a mortgage payment, and the property tax that we'd be exempt from, what other monthly costs are non-negotiable (insurance,etc).
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