Comments on: Where to get a VA Home loan mortgage for low income but good credit, cautch 22, MINNESOTA? http://www.credithomemortgageloan.com/renting-real-estate/where-to-get-a-va-home-loan-mortgage-for-low-income-but-good-credit-cautch-22-minnesota/ A blog about home mortgage loan credit Thu, 09 Sep 2010 20:01:31 +0000 http://wordpress.org/?v=2.7 hourly 1 By: Frederick C http://www.credithomemortgageloan.com/renting-real-estate/where-to-get-a-va-home-loan-mortgage-for-low-income-but-good-credit-cautch-22-minnesota/comment-page-1/#comment-57 Frederick C Tue, 04 Mar 2008 19:27:41 +0000 http://www.credithomemortgageloan.com/renting-real-estate/where-to-get-a-va-home-loan-mortgage-for-low-income-but-good-credit-cautch-22-minnesota/#comment-57 To qualify for a VA home loan, you must fall into a certain debt ratio. Your income, credit card debts and the new indebtedness created by the VA mortgage are all tallied up to see where you land in terms of debt. The maximum debt ratio you may have and still qualify for a VA home loan is 41%. This is only one factor used to determine eligibility, the others include your reliable income and credit rating. If you are considering applying for a VA home loan, you may wish to make an appointment with a financial planner and debt counselor to see how you might improve your standing in advance of the application process. To qualify for a VA home loan, you must fall into a certain debt ratio. Your income, credit card debts and the new indebtedness created by the VA mortgage are all tallied up to see where you land in terms of debt. The maximum debt ratio you may have and still qualify for a VA home loan is 41%. This is only one factor used to determine eligibility, the others include your reliable income and credit rating. If you are considering applying for a VA home loan, you may wish to make an appointment with a financial planner and debt counselor to see how you might improve your standing in advance of the application process.

]]> By: markmyword http://www.credithomemortgageloan.com/renting-real-estate/where-to-get-a-va-home-loan-mortgage-for-low-income-but-good-credit-cautch-22-minnesota/comment-page-1/#comment-56 markmyword Mon, 03 Mar 2008 15:34:09 +0000 http://www.credithomemortgageloan.com/renting-real-estate/where-to-get-a-va-home-loan-mortgage-for-low-income-but-good-credit-cautch-22-minnesota/#comment-56 It really depends on your wifes credit score. With FHA if she has over a 580, normally that's not an issue. If it's over 560, it is more difficult but can be done especially since your credit score is good. 530-560 we can still do but this is a very difficult loan to get through and we have to have some compensating factors. We work in Minnesota so if you need additional help, feel free to email me. We are a mortgage banker so our guidelines (or many mortgage bankers guidelines) are more flexible than a regular bank. It really depends on your wifes credit score. With FHA if she has over a 580, normally that’s not an issue. If it’s over 560, it is more difficult but can be done especially since your credit score is good. 530-560 we can still do but this is a very difficult loan to get through and we have to have some compensating factors.

We work in Minnesota so if you need additional help, feel free to email me. We are a mortgage banker so our guidelines (or many mortgage bankers guidelines) are more flexible than a regular bank.

]]> By: bud68 http://www.credithomemortgageloan.com/renting-real-estate/where-to-get-a-va-home-loan-mortgage-for-low-income-but-good-credit-cautch-22-minnesota/comment-page-1/#comment-55 bud68 Mon, 03 Mar 2008 14:56:45 +0000 http://www.credithomemortgageloan.com/renting-real-estate/where-to-get-a-va-home-loan-mortgage-for-low-income-but-good-credit-cautch-22-minnesota/#comment-55 The fact is that if you want both incomes considered, any lender will also insist on considering both credit ratings. You can't have one without the other. So it appears that your choices are to apply jointly now or wait until you finish school and are employed full time. Why don't you approach a lender that offers prequalification and see what they say? VA loans are great for the "low down" feature but you still need to meet the lender's income/credit standards. The fact is that if you want both incomes considered, any lender will also insist on considering both credit ratings. You can’t have one without the other. So it appears that your choices are to apply jointly now or wait until you finish school and are employed full time.

Why don’t you approach a lender that offers prequalification and see what they say? VA loans are great for the “low down” feature but you still need to meet the lender’s income/credit standards.

]]> By: Queen B http://www.credithomemortgageloan.com/renting-real-estate/where-to-get-a-va-home-loan-mortgage-for-low-income-but-good-credit-cautch-22-minnesota/comment-page-1/#comment-54 Queen B Sat, 01 Mar 2008 16:55:00 +0000 http://www.credithomemortgageloan.com/renting-real-estate/where-to-get-a-va-home-loan-mortgage-for-low-income-but-good-credit-cautch-22-minnesota/#comment-54 talk to whoever you want to get the mortgage through. i am closing on my VA loan end of this month and my lender at Wells Fargo was a HUGE help. Whoever you are using as a realtor should also be able to help set you up with someone in lending that is good with Va loans. talk to whoever you want to get the mortgage through. i am closing on my VA loan end of this month and my lender at Wells Fargo was a HUGE help. Whoever you are using as a realtor should also be able to help set you up with someone in lending that is good with Va loans.

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