VA loan, good income, not so good credit?

Deal Score0

My husband and I are looking at purchasing a home and using his VA loan benefit. I am not sure if we will qualify, though. He is a medical officer so he easily makes the salary requirements to pay the mortgage (we are looking at a house well within means), but he has over 200k in medical school student loan debt. The debt is current, he has a few other dings on his credit report from small collections items (like less than $ 100) from where he moved around and he wasn’t as diligent as he should have been about following up on any outstanding bills. He has the ability to pay his bills and a mortgage (we pay that much in rent now), but I am wondering what his chances of being approved are, and how painful this process is going to be. I am a full-time graduate student, so I don’t have any income or credit to help the situation.

1 Comment
  1. Reply
    Rene Hoepelman
    February 1, 2011 at 8:25 pm

    I used my VA loan a year ago to purchase our current first home/townhome. Our lender was familiar with VA loans and the process was painless. Just needed a copy of DD214 and an eligability statement from VA office.

    Our situation was a little different then yours, When we bought our home we had absoluty no debt and both our credit scores were over 800. Our townhome here in NC cost us just under $ 120 (not expensive) the total cost to us to move in with no money down was about $ 300.

    I got the impression from our loan officer that if the lender would qualify us for a loan, the VA would automatically qualify us, and that is pretty much what happened in our case.

    VA requested a home inspection and a seperate termite inspection. Passed.

    Leave a reply

    Register New Account
    Reset Password