1st time buyer, Good credit. Small $$. Veteran qualified.

[sd_matt]

Time for this fly to get off the wall and participate… although I am asking for input.

I have a 760 plus FICO, 15k in savings and qualify for VA and FHA.

Now the question. I can qualify for one of those First Time Buyers programs and get the down payment taken care of…or should I: Go that route and then see if the VA will work with me based on my now debt-laden income/debt ratio or should I go the military way first?

The delima for me is whether or not I can get the best of both worlds. I would like to use the 1st time buyer. Of course there are acceleration clauses that prevent or make equity purchaces more difficult ( thinking of the future).

Going the military route there is a low down but how many times can I use it? It is also an income-qualified loan.

[CardiffBaseball]

As a fellow Vet who’s used VA loans twice, I say you spend at least a year mastering everything you can about obtaining a VA Loan.

Sure you could figure it all out in an hour on their web site but if you can stretch your research by a year or two, you’ll likely save money.

Don’t be in such a rush.

Basically VA will allow you to go some predetermind level (same as jumbo threshold?) with zero down. Let’s say that number is 420 for argument’s sake. You want to bid on a 600K home. My recollection is that if you can put 25% of the spread as a down payment, you can still obtain a VA Loan. Verify if this is still the case (and take your time).

So in this example you’d have to put up 25% of the $180 difference.

[CardiffBaseball]

As a fellow Vet who’s used VA loans twice, I say you spend at least a year mastering everything you can about obtaining a VA Loan.

Sure you could figure it all out in an hour on their web site but if you can stretch your research by a year or two, you’ll likely save money.

Don’t be in such a rush.

Basically VA will allow you to go some predetermind level (same as jumbo threshold?) with zero down. Let’s say that number is 420 for argument’s sake. You want to bid on a 600K home. My recollection is that if you can put 25% of the spread as a down payment, you can still obtain a VA Loan. Verify if this is still the case (and take your time).

So in this example you’d have to put up 25% of the $180 difference.

[CardiffBaseball]

As a fellow Vet who’s used VA loans twice, I say you spend at least a year mastering everything you can about obtaining a VA Loan.

Sure you could figure it all out in an hour on their web site but if you can stretch your research by a year or two, you’ll likely save money.

Don’t be in such a rush.

Basically VA will allow you to go some predetermind level (same as jumbo threshold?) with zero down. Let’s say that number is 420 for argument’s sake. You want to bid on a 600K home. My recollection is that if you can put 25% of the spread as a down payment, you can still obtain a VA Loan. Verify if this is still the case (and take your time).

So in this example you’d have to put up 25% of the $180 difference.

[CardiffBaseball]

As a fellow Vet who’s used VA loans twice, I say you spend at least a year mastering everything you can about obtaining a VA Loan.

Sure you could figure it all out in an hour on their web site but if you can stretch your research by a year or two, you’ll likely save money.

Don’t be in such a rush.

Basically VA will allow you to go some predetermind level (same as jumbo threshold?) with zero down. Let’s say that number is 420 for argument’s sake. You want to bid on a 600K home. My recollection is that if you can put 25% of the spread as a down payment, you can still obtain a VA Loan. Verify if this is still the case (and take your time).

So in this example you’d have to put up 25% of the $180 difference.

[CardiffBaseball]

As a fellow Vet who’s used VA loans twice, I say you spend at least a year mastering everything you can about obtaining a VA Loan.

Sure you could figure it all out in an hour on their web site but if you can stretch your research by a year or two, you’ll likely save money.

Don’t be in such a rush.

Basically VA will allow you to go some predetermind level (same as jumbo threshold?) with zero down. Let’s say that number is 420 for argument’s sake. You want to bid on a 600K home. My recollection is that if you can put 25% of the spread as a down payment, you can still obtain a VA Loan. Verify if this is still the case (and take your time).

So in this example you’d have to put up 25% of the $180 difference.

[lendingbubblecontinues]

As a Vet too, I have been researching the CalVet program…basically allows for zero-down mortgage financing up to $521K. FICO can be down to 580, I believe, and it allows for debt-to-income ratio up to 55%. All the while providing a good fixed rate of 5.25% presently, if I recall correctly.

If I could force myself to believe that buying now was a good move, I would seriously consider going this route. I’m waiting though.

[lendingbubblecontinues]

As a Vet too, I have been researching the CalVet program…basically allows for zero-down mortgage financing up to $521K. FICO can be down to 580, I believe, and it allows for debt-to-income ratio up to 55%. All the while providing a good fixed rate of 5.25% presently, if I recall correctly.

If I could force myself to believe that buying now was a good move, I would seriously consider going this route. I’m waiting though.

[lendingbubblecontinues]

As a Vet too, I have been researching the CalVet program…basically allows for zero-down mortgage financing up to $521K. FICO can be down to 580, I believe, and it allows for debt-to-income ratio up to 55%. All the while providing a good fixed rate of 5.25% presently, if I recall correctly.

If I could force myself to believe that buying now was a good move, I would seriously consider going this route. I’m waiting though.

[lendingbubblecontinues]

As a Vet too, I have been researching the CalVet program…basically allows for zero-down mortgage financing up to $521K. FICO can be down to 580, I believe, and it allows for debt-to-income ratio up to 55%. All the while providing a good fixed rate of 5.25% presently, if I recall correctly.

If I could force myself to believe that buying now was a good move, I would seriously consider going this route. I’m waiting though.

[lendingbubblecontinues]

As a Vet too, I have been researching the CalVet program…basically allows for zero-down mortgage financing up to $521K. FICO can be down to 580, I believe, and it allows for debt-to-income ratio up to 55%. All the while providing a good fixed rate of 5.25% presently, if I recall correctly.

If I could force myself to believe that buying now was a good move, I would seriously consider going this route. I’m waiting though.

[snail]

I send for my VA certificate 2 months ago, I still didn’t see anything yet. Do you guys have any feedback how long those usually take? And is there a live person I could called to ask about my certificate?

[snail]

I send for my VA certificate 2 months ago, I still didn’t see anything yet. Do you guys have any feedback how long those usually take? And is there a live person I could called to ask about my certificate?

[snail]

I send for my VA certificate 2 months ago, I still didn’t see anything yet. Do you guys have any feedback how long those usually take? And is there a live person I could called to ask about my certificate?

[snail]

I send for my VA certificate 2 months ago, I still didn’t see anything yet. Do you guys have any feedback how long those usually take? And is there a live person I could called to ask about my certificate?

[Author]

Posts