Help for a First Time Buyer - VA LOAN (Realtor, closing, loans)

[azsandshark]

Alright I need someone to tell me what's up and if you are a broker you should pm me if this sounds doable.

I am getting out of the Military in August and moving to Phoenix/Tempe to attend ASU. I am looking at getting a condo for about 70k and trying to figure out if this is possible.

The payments are not what concerns me as I will be getting $1100 stipend/month from the new GI Bill for housing in addition to money for tution. What concerns me if qualifying.

I would assume as I would play on buying it while I am still in the Military - June-July time frame I would be able to use my paystubs from then. The Gross pay for that time is about $2300/month as housing is provided for me now.

I have a $327 car payment with 6k left on the loan.

I know credit scores aren't important for VA loans, but my middle score is/will be about 650-675.

Can I qualify for a VA loan??

Can I qualify for another loan???

When should I apply??

Do you want to be my broker??

[EllenArlingtonPark]

AZSANDSHARK- This is what you need to do:
1.You need to get your DD214.
2.Go to the VA website and get VA housing certificate.
3.Then you go to a mortgage lender, tell them you want to buy a house, they will tell you your interest rate and how much house you can afford.
4. Get a pre-qualifaction letter from your lender
5. Call a Realtor and take your pre qualifcation letter with you
6. Go house shopping for a house in your price range

That's it! VA will not pay for closing costs and other restrictions, that your Mortgage lender or Realtor will explain.

PS Thank you for serving your country! We appreciate you.

[faabala]

I retired from the USAF last summer and learned you need to buy before you get out. Otherwise you will be unemployed and it is hard to get any loan. They like to see two years of employment. If you get out then buy they will only figure in your GI bill income and that will be hard to qualify you for 70K.

Credit scores are still very important with VA. I have lots of soldiers her at Ft. Bragg that can not get VA loans with bad credit. Your scores should be OK (i think)

[FalconheadWest]

Call the Navy Federal. In my 9 years in real estate, no mortgage broker or bank has ever been able to beat the rates and fees of the Navy Federal for VA loans. They'll be able to answer all your questions for you, but you have to have the VA certificate, and sometimes that can take months to get, so get it now!

[faabala]

I'd have to second what Falconhead said. I have heard nothing but good things about Navy Fed. We just had our first branch open here in town this fall and I will be talking to them about "MY" next home purchase.

[EllenArlingtonPark]

I want to ad that one advantage to the VA loan is that if you do not have the cash to put 5% down you will not have to pay MIP which can be $100 or more a month. I just closed a va this week and they are great for vets, go to a lender you like because you will be establishing a relationship with them.

I am not sure about the lender with no fees like FreeVAloan has said. They may get their money by charging more in interest (like a quarter to half point) which could ad up to a lot of money.

[Brandon Hoffman]

The post is over a month old and it looks the OP has checked out. However, for future readers, I'd suggest saving your first VA for you second home that you think will be a long term home. Get a first time buyer loan or FHA for the first one.

[faabala]

Brandon,

I'm interested in why you suggest that? I've have had two VA loans and will be getting a third in a few months. I will have loan number 2 and 3 at the same time. I'm renting out house number 2 because it would not sell.