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Old 02-06-2009, 12:55 PM
 
12 posts, read 48,539 times
Reputation: 17

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Alright I need someone to tell me what's up and if you are a broker you should pm me if this sounds doable.

I am getting out of the Military in August and moving to Phoenix/Tempe to attend ASU. I am looking at getting a condo for about 70k and trying to figure out if this is possible.

The payments are not what concerns me as I will be getting $1100 stipend/month from the new GI Bill for housing in addition to money for tution. What concerns me if qualifying.

I would assume as I would play on buying it while I am still in the Military - June-July time frame I would be able to use my paystubs from then. The Gross pay for that time is about $2300/month as housing is provided for me now.

I have a $327 car payment with 6k left on the loan.

I know credit scores aren't important for VA loans, but my middle score is/will be about 650-675.

Can I qualify for a VA loan??

Can I qualify for another loan???

When should I apply??

Do you want to be my broker??
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Old 02-06-2009, 08:00 PM
 
Location: Chesterfield, VA
1,222 posts, read 4,948,231 times
Reputation: 548
This link should answer a lot of your questions as to whether or not you are eligible for a VA loan... (Loan Guaranty Service, Eligibility Information on the Home Loan Program (U.S. Department of Veterans Affairs)). And to my knowledge, your credit score will come into play; what benefits you with a VA loan is that you do not have to have a downpayment. Also, be aware that when you use the VA loan, you pay a funding fee to the VA; this is what is used to establish the fund that guarantees the loans. This fee is a certain percentage of the loan amount and many will roll it into the cost of the loan. Also, know that every time you use your VA loan, the fee percentage increases.

From another aspect, I would encourage you to possibly look at avenues other than condos. The monthly HOA fees are often exorbitant, and if you instead took that money and used it to increase your budget for your principal and interest, so of that would be tax deductible.

Just a thought...
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Old 02-07-2009, 07:27 AM
 
12 posts, read 48,539 times
Reputation: 17
Thanks, I'm tracking on the funding fee and the main benefit being a loan guarantee and also on HOA fees which are $140/month in this case. What I want to know is if I could get this loan done
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Old 02-07-2009, 09:43 AM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,589,446 times
Reputation: 958
It's possible although it would be very tight. You figure your loan amount will be 71540, inclusive of the funding fee assuming that this is your first use, you are not putting any money down, and you are not disabled. At 5.5% (I can't say that rates will stay in this range) your principal and interest payment would be about 407 a month. Add the $140 to that plus the $327 car payment and you have $874, or about 38% DTI based on your $2300 a month. Keep in mind that I have not even figured in taxes and insurance yet and you are close to that 40% DTI mark. And of course there are the residual income guidelines. I could not tell you definitively that you could or could not qualify though, but it seems possible based on the info you have given although it may be a stretch.
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Old 02-09-2009, 07:49 AM
 
443 posts, read 2,053,013 times
Reputation: 202
Quote:
Originally Posted by azsandshark View Post
Alright I need someone to tell me what's up and if you are a broker you should pm me if this sounds doable.

I am getting out of the Military in August and moving to Phoenix/Tempe to attend ASU. I am looking at getting a condo for about 70k and trying to figure out if this is possible.

The payments are not what concerns me as I will be getting $1100 stipend/month from the new GI Bill for housing in addition to money for tution. What concerns me if qualifying.

I would assume as I would play on buying it while I am still in the Military - June-July time frame I would be able to use my paystubs from then. The Gross pay for that time is about $2300/month as housing is provided for me now.

I have a $327 car payment with 6k left on the loan.

I know credit scores aren't important for VA loans, but my middle score is/will be about 650-675.

Can I qualify for a VA loan??

Can I qualify for another loan???

When should I apply??

Do you want to be my broker??

Since your getting out of the military it will be different for you, but for us we are looking at using our VA loan to buy in SO CAL and they won't let us until we have the official orders in hand. But like I said since your getting out I don't know? They may not approve you since you want to buy in AZ and you are not stationed there.
Also, as far as the money you'll be getting per month for atteding school I think it's only for 36 months, so would you have a plan after that as far as how to pay your mortgage? And also consider that while I don't know you or what kind of student you are but if you get anything under a C the VA will want their money back ( for that semester) My suggestion is maybe get a 2 bedroom and rent out a room, the extra income would help. Good luck to you!
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Old 02-09-2009, 08:15 AM
 
Location: Maine!
470 posts, read 1,784,612 times
Reputation: 320
Quote:
Originally Posted by sfw1979 View Post
Since your getting out of the military it will be different for you, but for us we are looking at using our VA loan to buy in SO CAL and they won't let us until we have the official orders in hand. But like I said since your getting out I don't know? They may not approve you since you want to buy in AZ and you are not stationed there.
Also, as far as the money you'll be getting per month for atteding school I think it's only for 36 months, so would you have a plan after that as far as how to pay your mortgage? And also consider that while I don't know you or what kind of student you are but if you get anything under a C the VA will want their money back ( for that semester) My suggestion is maybe get a 2 bedroom and rent out a room, the extra income would help. Good luck to you!
i'm sorry, but "orders" for what? the VA issues a certificate stating you may use the benefit (which isn't the "loan" itself, just the guarantee. . .more info on the VA site), if you haven't done so already. you should be able to get it thru your lender or you can go to www.va.gov and download the form and send it in along with your 214 (if you have separated). i did and got my certificate within 2 weeks (which i hear i a small miracle because i was told it can take forever).

Last edited by thechappells; 02-09-2009 at 08:47 AM..
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Old 02-09-2009, 09:09 AM
 
Location: Iowa
113 posts, read 417,726 times
Reputation: 60
You might want to check out getting your loan through USAA. If you don't know anything about them, they are a bank that services military members and their dependents. We were able to save over $1000 in closing costs and get a better rate with them than if we had gone through a local bank. They also have really reasonably priced insurance for homes and cars.

sfw1979 - I agree with the poster who said you need to apply for the VA certificate...They shouldn't need your orders, just the certificate stating you are eligible for a VA loan.
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Old 02-10-2009, 04:40 PM
 
392 posts, read 1,493,692 times
Reputation: 134
I disagree with USAA. They've only been doing mortgages in house for a couple years (they use to outsource them through Cendant mortgage). Got company for banking and insurance... not great for mortgage

For me...the biggest question is whether her income is enough to qualify. You can't count what she made in the military because she's getting out. The "stipend" income is the question... will a va u/w allow it? Need to apply with a lender and see if you can get preapproved
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Old 02-13-2009, 08:10 AM
 
Location: Williamsburg, OH
1 posts, read 5,432 times
Reputation: 10
[quote=azsandshark;7351606]Alright I need someone to tell me what's up and if you are a broker you should pm me if this sounds doable.

I am getting out of the Military in August and moving to Phoenix/Tempe to attend ASU. I am looking at getting a condo for about 70k and trying to figure out if this is possible.

The payments are not what concerns me as I will be getting $1100 stipend/month from the new GI Bill for housing in addition to money for tution. What concerns me if qualifying.

I would assume as I would play on buying it while I am still in the Military - June-July time frame I would be able to use my paystubs from then. The Gross pay for that time is about $2300/month as housing is provided for me now.

I have a $327 car payment with 6k left on the loan.

I know credit scores aren't important for VA loans, but my middle score is/will be about 650-675.

Can I qualify for a VA loan?? From what I see here, yes. Of course, one would want to see a full Application before issuing a pre approval.

Can I qualify for another loan??? Depending on where you buy, USDA would be another option for you.

When should I apply?? At least 90 days befor you plan to buy. Gives you time to ahndle any unforseen issues.

Do you want to be my broker?? Absolutely. Drop me a DM![/quote]

Answers in RED
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