Can a college student get a mortgage for around 115 thousand dollars?

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I’m a navy vet w/ 10k in the bank. I want to buy a condo for 115k using my VA home loan mortgage option but I’ve only been at my job for about a month since I just got out of the military. I have AWESOME credit, and I can’t just stay at my job longer because I’m moving from Florida to Washington state to get into a nursing program that doesn’t have a waiting list. I recieve around 1400/month from my gi bill, which last another 2 years, and I’m going into the medical field so I know I’ll be able to find work anywhere to supplement my gi bill income while I’m in school. Thanks for any inputs except the ones that just tell me that I’m stupid for asking 😀
My job in the navy had nothing to do with nursing. I was an aircrewman in an aviation platform so there isn’t any continuation of skills, but I am working as a CNA and saving up money still. By the time I’m looking to actually buy I wilhave been a CNA for about 4 months, but I doubt that will make a huge difference.

  1. Reply
    January 26, 2011 at 7:37 am

    You must likely will. You may not even have to put all you 10k down.

    VA loans are federally insured and are not so strict as FHA,

  2. Reply
    Lisa L
    January 26, 2011 at 8:30 am

    Umm…FHA is federally insured also & has stricter guidlines than VA. If you don’t have a job you cannot buy a home. Is the money from the GI Bill to pay for your education? Also, what is used for income must have a 3 year continuation, but I don’t think that money can be used anyway..

    You are not stupid for asking.

    Is there a family member who could go on the loan with you? FHA allows a non-occupying co-borrower. Of course that person would need to bring income to the equation. Talk to a mortgage banker.

    Remember–a condo will have a monthly association fee & that will be part of your ratios.

    Good luck to you & thank you for serving our country.

  3. Reply
    Bob D
    January 26, 2011 at 9:07 am

    Go talk to the VA

  4. Reply
    January 26, 2011 at 9:10 am

    I would also strongly suggest talking with a good VA rep. We did a 100% financing with our VA loan for our first home and we did not make much. If you could qualify, that would allow you to leave most of your money in the bank to use for emergencies. Is your job that you are doing now even remotely similar to anything that you did in the military? Sometimes even if you change jobs but within the same line of work it won’t count against you. (may be a silly question) Congrats on great credit and I also thank you for your service. Give it your best shot to buy, it is more fun to pay towards something that is yours just be sure not to get in over your head!

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