VA loans, can we get one? is it worth it to try?

ok so my husband is currently in Iraq. he is due home in october 2008. neither of us are sure of what our credit is like. he has a couple things from a gym he never went to and i think a cell phone in the past. i have a home phone debt in my history. we are looking to buy our first home before or after he comes home. (which ever is best for our situation) we would like to buy a house in the range of 150k-170k. annually we're at about 50k a year right now. neither of us really have a steady work history. i have one for the city for almost 3 years. he has the army, that's about it. we're both young and not sure of our eligibility for anything. we would like to find out how a VA loan works? how much interest will be on our budget for a house? what's the max. we can get on a loan? can we get approved with our credit history? do we need to take care of this now or after he comes home? do the loans include the down payment? we are looking for one in nixa, missouri if that helps anyone.

The first think that you need to do is contact all 3 credit repositories and look at your credit, for both of you, and see what you are dealing with. You have plenty of time to get things straightened out before he comes home.

However, on 50K per year, $150 to $175K will leave you very house-poor. You'll have precious little money leftover for maintenance, and I can't imagine being able to put money away into savings.

No one can really tell you if you can be approved or not without looking at your credit history and knowing your exact score, and seeing not only negative items but positive items on your credit.

VA loans are at 100%, so you don't have to worry about anything but the closing costs, and you might even be able to negotiate with the seller to pay those.

You don't need a VA eligibility certificate until the time comes that you ACTUALLY buy the house. It would be so outdated by the time you buy the house, they'll need another one. The loan processor for your VA loan will be able to pull your eligibility certificate from the VA online portal or these are easily retrieved from the local VA office in 3 to 4 days. It's not anything you need to worry about now.

First off you need a VA certificate. With that most banks (I said banks not mortgage brokers) will make the loan. I can't remember but I think the max you can get is 246K. That doesn't mean you will be aproved for it. I would look at your budget. Rule of thumb is $725 per 100K you borrow this is PITI (principal, interest tax and insurance. I wouldn't want a loan that exceded 30% of my net income (income after taxes or take home) Check with the VA. If he is active duty the base should have counselers that will assist with all the paperwork to get the VA certificate. If you are looking to purchase a home in the 150 to 170K range you are looking at a PITI of about $1450 per month. My advise would be start saving the difference between rent and estimated PITI. Hope this helps
U.S. Army Ret
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