AJB1111 Posted July 22 Share Posted July 22 My wife and I want to buy our first home next year. Together we make over 250k. We have both spent the last three years recovering from bad financial decisions and relationships on both ends that took a toll on our credit and our finances. My credit is around 650 and hers is closer to 700. I have about 30k in debt between 2 loans that are coming to term in January and some on credit cards. She has a little bit of CC debt left that is set to be paid off by this time next year. I am 100% disabled veteran so I have thr VA loan to back. My question is, will we have the capability to buy a nice home in the next 12 months? Quote Link to comment Share on other sites More sharing options...
Admin MarvBear Posted July 23 Admin Share Posted July 23 Welcome to our community here at Creditboards. First things first, a huge welcome! We're thrilled to have you join our passionate group of individuals. Whether you're a seasoned veteran or a curious newcomer, there's a place for you here. Just a heads-up that your initial posts will be gently moderated while you gain your member status. This helps us maintain a healthy, respectful environment for everyone. Don't fret, though! It's a quick and transparent process, and soon you'll be enjoying full member access, including posting freely and joining in the discussions with equal gusto. Speaking of discussions, know that our community runs on the dedication of wonderful volunteers. We all have lives outside of this space, juggling jobs, families, and maybe even pet iguanas (who, by the way, are always welcome in our hearts!). This means that answering your questions might take a little time sometimes, as the right expert might not be available instantaneously. But rest assured, your questions will be answered! We have a fantastic team of knowledgeable folks eager to share their expertise, so just hang in there. Remember, patience is a virtue, and it often leads to even more meaningful conversations. We sincerely hope you stick around and build a lasting history with us. This community thrives on the diverse perspectives and contributions of its members, and we can't wait to see what you bring to the table! So, explore, participate, ask questions (patiently!), and most importantly, enjoy the ride. Quote Link to comment Share on other sites More sharing options...
liverichly Posted July 23 Share Posted July 23 On 7/22/2024 at 9:35 AM, AJB1111 said: My wife and I want to buy our first home next year. Together we make over 250k. We have both spent the last three years recovering from bad financial decisions and relationships on both ends that took a toll on our credit and our finances. My credit is around 650 and hers is closer to 700. I have about 30k in debt between 2 loans that are coming to term in January and some on credit cards. She has a little bit of CC debt left that is set to be paid off by this time next year. I am 100% disabled veteran so I have thr VA loan to back. My question is, will we have the capability to buy a nice home in the next 12 months? Have there been any late payments or accounts sent to collection in the past 12 months? Do you have any previous bankruptcies or foreclosures in the past 2 years? If the answer to both is "no", then you might be able to qualify right now for a VA mortgage. VA mortgages typically just require clean credit for the past 12 months and no bankruptcies/foreclosures in the past 2 years (shorter periods can apply when there is extenuating circumstances). How much are the minimum required payments on the 2 loans + credit cards? How much of a sales price are you trying to qualify for? Have you ever had a VA mortgage before? Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.