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Ready to buy a home...help!


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11 replies to this topic

#1 epitomee

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Posted 11 March 2012 - 01:37 PM

Here is my situation:

I have been cleaning up stuff on my reports. My TU 691 EQ 661, EX? I have student loans that I am paying on at $176 a month and credit cards debt totaling $5k (2 kids in braces :swoon: ) My income is 68k and my husbands is 44k a year. I am a vet and we have 10k to put down in California. Since my husband credit is worse than mine, we want to keep him off the loan. I have a BK that is circa 2005 on 2 reports. I have been at my job for 10 years and my husband for 6.

Student loan debt: 20k at a payment of $176
no car loan
credit card debt: 5k
Job (govt) 10 yrs
Navy Veteran
Income: 68k with 12k in other income

What direction should we go?



#2 Brian B The Loan Professor

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Posted 13 March 2012 - 12:11 AM

If you can qualify on your own with his debt then you will be fine since we live in a community property state all debts of the spouse get added to the debt ratios even if he isnt on the loan -
You didnt say what your payments were on some of the debt nor what you needed as far as price range - you likely have two options (assuming you have a cert of elig for a VA loan - If you can go VA you will get a great rate and no PMI - your scores are solid enough to get in it would just be a matter of running the numbers to see how much you could afford -
Your other option would be fha with 3.5% down and PMI -
if you can go VA you could use the money to get a lower price and pay your own closing costs
if you use it for a down payment you will need to negotiate for a seller to pay the costs - which means less negotiating power on price -

Hope this helps
Brian

#3 saladdin69

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Posted 13 March 2012 - 11:34 AM

Not a broker/loan professional.

Go VA, save the cash and use it to pay closing costs that you would normally finance. VA will save you PMI.

Shop your title insurance too.

#4 epitomee

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Posted 13 March 2012 - 08:22 PM

If you can qualify on your own with his debt then you will be fine since we live in a community property state all debts of the spouse get added to the debt ratios even if he isnt on the loan -
You didnt say what your payments were on some of the debt nor what you needed as far as price range - you likely have two options (assuming you have a cert of elig for a VA loan - If you can go VA you will get a great rate and no PMI - your scores are solid enough to get in it would just be a matter of running the numbers to see how much you could afford -
Your other option would be fha with 3.5% down and PMI -
if you can go VA you could use the money to get a lower price and pay your own closing costs
if you use it for a down payment you will need to negotiate for a seller to pay the costs - which means less negotiating power on price -

Hope this helps
Brian



Thanks Brian..I called to pre-qualify, the LO is to get back with me on the numbers. I guess I jumped the gun, I need to get my eligibility certificate. Just dusting off my dd214 to get on top of this. You guys rock.

#5 virginiabound

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Posted 14 March 2012 - 11:22 AM

Thanks Brian..I called to pre-qualify, the LO is to get back with me on the numbers. I guess I jumped the gun, I need to get my eligibility certificate. Just dusting off my dd214 to get on top of this. You guys rock.


If you go to http://www.benefits....eligibility.asp and sign up at the ebenefits website, you can actually print off your certificate of eligibility.

I don't believe you need much information, just basic (like name, SSN, etc) for registering and getting the certificate.

#6 epitomee

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Posted 14 March 2012 - 01:06 PM


Thanks Brian..I called to pre-qualify, the LO is to get back with me on the numbers. I guess I jumped the gun, I need to get my eligibility certificate. Just dusting off my dd214 to get on top of this. You guys rock.


If you go to http://www.benefits....eligibility.asp and sign up at the ebenefits website, you can actually print off your certificate of eligibility.

I don't believe you need much information, just basic (like name, SSN, etc) for registering and getting the certificate.


Based on what we can comfortably afford and not be house poor, we have been pre-qualified for $250k @ 4.375, the LO said he was quoting it higher just in case rates change. Meaning the rate is not locked. I am also awaiting my packet to gather my stuff. Fortunately, I am anal about my tax returns, W2's, paystubs and have them cataloged in a binder. I also have LOE for some of the crap on my report just in case the UW needs this information.

I just printed off my statements for my 457B and my CALPERs retirement..anything else I need.

#7 Lummy

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Posted 14 March 2012 - 04:05 PM



Thanks Brian..I called to pre-qualify, the LO is to get back with me on the numbers. I guess I jumped the gun, I need to get my eligibility certificate. Just dusting off my dd214 to get on top of this. You guys rock.


If you go to http://www.benefits....eligibility.asp and sign up at the ebenefits website, you can actually print off your certificate of eligibility.

I don't believe you need much information, just basic (like name, SSN, etc) for registering and getting the certificate.


Based on what we can comfortably afford and not be house poor, we have been pre-qualified for $250k @ 4.375, the LO said he was quoting it higher just in case rates change. Meaning the rate is not locked. I am also awaiting my packet to gather my stuff. Fortunately, I am anal about my tax returns, W2's, paystubs and have them cataloged in a binder. I also have LOE for some of the crap on my report just in case the UW needs this information.

I just printed off my statements for my 457B and my CALPERs retirement..anything else I need.


approved for 250k on a combined yearly income of 122k? Or was that just your income?

#8 epitomee

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Posted 14 March 2012 - 06:01 PM




Thanks Brian..I called to pre-qualify, the LO is to get back with me on the numbers. I guess I jumped the gun, I need to get my eligibility certificate. Just dusting off my dd214 to get on top of this. You guys rock.


If you go to http://www.benefits....eligibility.asp and sign up at the ebenefits website, you can actually print off your certificate of eligibility.

I don't believe you need much information, just basic (like name, SSN, etc) for registering and getting the certificate.


Based on what we can comfortably afford and not be house poor, we have been pre-qualified for $250k @ 4.375, the LO said he was quoting it higher just in case rates change. Meaning the rate is not locked. I am also awaiting my packet to gather my stuff. Fortunately, I am anal about my tax returns, W2's, paystubs and have them cataloged in a binder. I also have LOE for some of the crap on my report just in case the UW needs this information.

I just printed off my statements for my 457B and my CALPERs retirement..anything else I need.


approved for 250k on a combined yearly income of 122k? Or was that just your income?


Just my income. I know, I know. The LO stated that I could possibly go for more, but I am not comfortable going outside of this range. I am trying to be real conservative and I have seen houses in my area for lower than this amount.

#9 epitomee

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Posted 14 March 2012 - 06:06 PM




Thanks Brian..I called to pre-qualify, the LO is to get back with me on the numbers. I guess I jumped the gun, I need to get my eligibility certificate. Just dusting off my dd214 to get on top of this. You guys rock.


If you go to http://www.benefits....eligibility.asp and sign up at the ebenefits website, you can actually print off your certificate of eligibility.

I don't believe you need much information, just basic (like name, SSN, etc) for registering and getting the certificate.


Based on what we can comfortably afford and not be house poor, we have been pre-qualified for $250k @ 4.375, the LO said he was quoting it higher just in case rates change. Meaning the rate is not locked. I am also awaiting my packet to gather my stuff. Fortunately, I am anal about my tax returns, W2's, paystubs and have them cataloged in a binder. I also have LOE for some of the crap on my report just in case the UW needs this information.

I just printed off my statements for my 457B and my CALPERs retirement..anything else I need.


approved for 250k on a combined yearly income of 122k? Or was that just your income?


oh, I wish our income was $122k, this would be a non-issue if this was the case. WE are just shy of under $100k combined. The income above is just my income alone.

#10 Lummy

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Posted 14 March 2012 - 11:02 PM





Thanks Brian..I called to pre-qualify, the LO is to get back with me on the numbers. I guess I jumped the gun, I need to get my eligibility certificate. Just dusting off my dd214 to get on top of this. You guys rock.


If you go to http://www.benefits....eligibility.asp and sign up at the ebenefits website, you can actually print off your certificate of eligibility.

I don't believe you need much information, just basic (like name, SSN, etc) for registering and getting the certificate.


Based on what we can comfortably afford and not be house poor, we have been pre-qualified for $250k @ 4.375, the LO said he was quoting it higher just in case rates change. Meaning the rate is not locked. I am also awaiting my packet to gather my stuff. Fortunately, I am anal about my tax returns, W2's, paystubs and have them cataloged in a binder. I also have LOE for some of the crap on my report just in case the UW needs this information.

I just printed off my statements for my 457B and my CALPERs retirement..anything else I need.


approved for 250k on a combined yearly income of 122k? Or was that just your income?


oh, I wish our income was $122k, this would be a non-issue if this was the case. WE are just shy of under $100k combined. The income above is just my income alone.



Ah ok. I musave misread your initial #'s. My GF and I are looking to buy a house as well and our #s are similar to yours which is why I asked. Wish we could find a house for $250k around here tho
Good luck in your journey and be sure to post updates!! I'd love to see them

#11 epitomee

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Posted 14 March 2012 - 11:31 PM






Thanks Brian..I called to pre-qualify, the LO is to get back with me on the numbers. I guess I jumped the gun, I need to get my eligibility certificate. Just dusting off my dd214 to get on top of this. You guys rock.


If you go to http://www.benefits....eligibility.asp and sign up at the ebenefits website, you can actually print off your certificate of eligibility.

I don't believe you need much information, just basic (like name, SSN, etc) for registering and getting the certificate.


Based on what we can comfortably afford and not be house poor, we have been pre-qualified for $250k @ 4.375, the LO said he was quoting it higher just in case rates change. Meaning the rate is not locked. I am also awaiting my packet to gather my stuff. Fortunately, I am anal about my tax returns, W2's, paystubs and have them cataloged in a binder. I also have LOE for some of the crap on my report just in case the UW needs this information.

I just printed off my statements for my 457B and my CALPERs retirement..anything else I need.


approved for 250k on a combined yearly income of 122k? Or was that just your income?


oh, I wish our income was $122k, this would be a non-issue if this was the case. WE are just shy of under $100k combined. The income above is just my income alone.



Ah ok. I musave misread your initial #'s. My GF and I are looking to buy a house as well and our #s are similar to yours which is why I asked. Wish we could find a house for $250k around here tho
Good luck in your journey and be sure to post updates!! I'd love to see them


You were not incorrect, my husband income cannot be counted in the equation since he will not appear on the loan. Only his debt. Both he and I are putting money in 401k's and 457's so it feels like it is under the 112. It does not feel like we make this much. So many expenses for the kids it gets ridiculous. LOL!

#12 epitomee

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Posted 20 March 2012 - 09:48 PM

The journey begins. I got my pre-approval letter for $260k. The lender wanted to count my childcare which would have reduced me to $220k, but the grandparents help with this expense. My LO is with Veterans United. Anyone ever dealt with this group? My husband and I have seen a couple of properties that are in the 208-214k range that we like. The termite clearance is the only thing that is concerning me at this point.




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