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[Ashy 2 classy :^)]

Hello All, Newbie here, but read your forums often. First a brief background I am a 37 yr old divorced male preparing for retirement form 20yrs of the Armed Service in 8months. Bought my 1^st home in 2007 via Freddie Mac with a 580 & 615 FICO, 7.3%APR, & not eligible for HAMP or HAMP2 because Freddie placed such a "special" term on my loan that is not eligible for any future government assistance at least this is according to my lender Wells Fargo. My question regards the purchase of a 2^nd home or at least the likelihood of the approval of a mortgage with my situation please see below. Oldest credit acct 1994.

Banks:

Navy Federal (NFCU) - Used for all lending

USAA- Daily Banking only

Income: 70k /Yr

After retirement: Will Collect 28k check (Pre-tax) 1^st yr with annual inflation

Post retirement Employment: base Pay 71k, avg salary 114k-147k

So post retirement salary I will low ball @ 115k including retirement check

Debt:

Mortgage- Balance -$111,000 monthly pay $976 @ 7.3% Fixed 30yrs

Cars: 1 owned. 1 Financed with NFCU. Balance- 8100.00. Monthly pay 270$ @ 4%

Store Card #1- Balance- Zero, Limit $8200.00

Store card #2 Balance –Zero, Limit $4800.00

NFCU VISA: balance- $5000.00 Limit $12,000

NFCU MC: balance: $4100.00 limit $8,000

Savings: about $17,000 (Don't want to touch)

FICO as of JULY 12

EQ-701

EX-729

TU-770





The goal is to purchase a new primary residence from 80-195k. There are a few beach condos I am looking at for under 50k, that I am confident I can qualify for with NFCU. However would prefer purchasing new primary residence &turning existing into rental. As far as credit goes, I started trying to clean up prior to 07 purchases& probably should have waited, but regardless my last late payment on anything was over 6yrs ago, never declared bankruptcy, paid off a judgment over 6 yrs ago. Pretty clean since I made the house purchase. Over the past 5yrs I have easily obtained 5-15k loans with NFCU, & American General Finance & paid back in less than a yr. I am seeking a NFCU 100% choice loan based on all of the experience in these forums what are your thoughts on me qualifying? FYI I am throwing $6,000 at the credit cards & carnote over the next 60days. The car note is paid until December, because I pay that far ahead in chunks trying to reduce payoff quicker.

Looked into USDA but I can't qualify b/c don't plan on selling. Any help is appreciated.



Thanks

Edited by Ashy 2 classy :^), 16 July 2012 - 12:45 PM.

[Brian B The Loan Professor]

If you dont want to put a lot down go VA no down and no monthly PMI
you should be able to get a loan based on what you shared it is a matter of how much - and documenting the retirement income.
B