Ok, so I have a buddy who is looking to buy a condo right now, and he is using a VA loan. He is single, makes 60k+OT, has plenty of debt with a ~600 credit rating, and has absoulty NO savings. He is looking at condos that are 2/1 or bigger in the Santee to IB cordor. The only requirment is he wants atleast a 1 car attached garage.
He is makeing every rookie mistake in the book, and I am trying to help him do a crash course. But every time I tell him something he doesnt want to hear, something like the fact that rates are over 6%, he just says that the VA will take care of him.
I know the guy shouldnt be buying, but now that that choice is made there is no going back. So the only thing I can do is help with the total falacies. So, does anyone have any useful knowledge about the real VA loan process. It would be much appreciated.
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