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ihatecollections

Va Loan Odds

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I am about to be divorced here in the next month or so baring my STBX firing another attorney and dragging this out for another 3 to 6 months. Anyways, I'm active duty and will be relocating to another duty station in the next year and would like to buy a house using the VA loan. I most likely would be looking at new construction around $200-250k with a single income of $6000 per month. My understanding is that I need to meet the residual income after all the bills are paid in order to qualify for a VA loan, looking at the chart is under $800. Currently my FICO scores are sitting at 650 Ex, 690 EQ and 661 TU. The only negatives I have on my reports are three 30 day lates on a credit card in 2013/2014, and a closed credit card with a $14k balance that I will have BT offed in about 6 months, along with 15 inquiries. The closed CC is what is really bringing my scores down as it is factored in to my utilization. What I didn't get is when I applied for a debt consolidation loan with NFCU they said it wasn't counting and I was less than 40% util. The two car payments I have will be reduced down to one as she has to either get a loan for the car or forfeit it to me. I have my credit profile listed below for any advice on if this would be possible or if im way out in left field.

 

Revolving:

Crap1: $800 Limit / $0 Bal Opened 3-2011 ( always refuse to increase CL regardless of how much i spend a month and pay off)

USAA Signature: $8000 Limit / $1000 Bal Opened 6-2016

Amazon Store Card: $1700 Limit / $0 Bal Opened 3-2012

Wal-Mart Store Card: $2100 Limit / $0 Balance Opened 3-2012

Military Star Card: $3800 Limit / $0 Balance Opened 6-2012 was late 30 days in 2014, won't goodwill

Navy Federal Signature: $10K Limit / $0 Bal Opened 6-2017

Discover it Card: $2k Limit $0 Bal Opened 6-2017

Potentially Bad Revolving:

Navy Federal Nrewards $21k Limit / $14k Bal Opened 1-2012 Closed due to relationship issues 11-2014 Never Late

Installment Autoloans:

Ally: $33k / $25k Balance Opened 6-2016

NFCU: $25K / $20K Balance Opened 7-2016 (soon to be ex-wifes car in my name, should get possession when decree is finalized then trade both cars in for one)

Edited by ihatecollections

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You need to look at things using the debt to income calculation - to figure your debt to income DTI you take the total of all minimum payments compared to the 6k gross monthly income

That is your front end DTI -

Then add the projected mortgage payment and recalculate that is your back end dti - This is the main number - ideally VA wants it to be 41% or less - however it is possible to get approved for a higher percentage if you get an automated approval - we often see them in the high 40's

 

You didnt list the monthly payments so no one to calculate the numbers

 

If payments with mortgage come out to 2400 a month - that would be 40% of your 6k a month - You are probably ok to 45% (2700 a month) but you wont know until you apply and the info is ran through an underwriting engine -

 

Good Luck hope this helps

 

Sorry to hear of the split that is never easy - Thanks for your service

Happy 4th of July

BrianBTheLoanProfessor

MortgageForumLead

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