VA LOANS – If my husband is deploying soon will that ADDED income help us get the loan???

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My husband has a high 500 score (bad I know), but his debt is really low (Less than 1,000) but he just now paid off a credit card that he DIDNT pay for 5 months. His income ALSO has been low for the past few years, but he is deploying soon and will be making more than enough money to afford a house. Will the mortgage people take let us have a VA loan (he is eligible, served 1 and 1/2 yrs in Iraq) even though he HASNT made much money, but it is PROVEN he will make enough money to pay for the house? We’re in a crunch to buy a house, because we live in a one bedroom apt. with 2 dogs, and the rent houses in this town are twice as much as buying, and in bad neighborhoods. PLUSSSSSS I’m pregnant, and I want to feel safe there by myself and baby while he is gone. DONT give me a website to FIND the answer, just let me know if they will give us a loan based on his FUTURE pay. THANKS!!!!!!

  1. Reply
    February 6, 2011 at 8:28 pm

    no….that hazardous pay……or overseas pay…..depending on the armed forces that he’s in…needs to show proof of continuance of 3yrs. his base pay, bah, bas, can be used, and can be grossed up.
    VA is also strict on credit….FHA might have less guidelines….cant have any credit lates in the last 12months.

    also depends on how much house you’re buying!

  2. Reply
    February 6, 2011 at 8:44 pm

    Take the additional pay and work on clearing up your credit history. Pay off all the credit cards.

    Then put money in a savings account. Get yourselves in a better financial position so that you can actually afford to pay for the house.

  3. Reply
    Heather H
    February 6, 2011 at 8:56 pm

    Go to Navy Federal or USAA even Wachovia. I think the VA sucks they are strict on credit and only allow 41% debt to income. It also takes longer for the closing because they have such strict guidelines my suggestion research mortgage companies (like above) and see which one can meet your needs. Good luck.

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