Got out of the military through medical 20% Army 80% Va. Anyway I want to get a house is this possible beings I am unemployed now ? I am getting unemployment and Va comp. I know the UE won't last forever but I am going back to college or If I can get into the union I am going to go for it. I talked to UE and they said I can go to school and still collect UE with a waiver and get my housing allowance through voc rehab for my GI bill. None of that matters I suppose but whats your guys take ? Do you have to be employed ?
Va home loan
- Thread starter gavinpedrick
- Start date
I think it will be up to the mortgage loan lender. If you have the cash for a down payment/closing costs, an excellent credit rating and meet their income requirements, then you have a chance. But with the info you gave, I am not sure if the lender will be willing to take the risk. It really comes down to the lender's requirements.
Down payment no problem and financially I would be able to afford it I have a car payment and that is it . My mortgage would be 700 a month with a 3k dp and @ 15 years an that is @ 6.5 % which is very high.Those numbers were just pulled from a calculator on the site not based off my credit either. Credit on the other hand I never was a big buyer of things with credit cards or anything I am only 25. Just wanted to check on here first versus going to the mortgage company. Last question what if my parents co-signed would they approve me you think? Thanks for your prompt response btw. Hell I should of bought the house before I got out. Last note the house I want is only about 70k too I am not looking for a mansion..just a fixer upper. Looks like I will just have to find out...Will this effect my credit though just them trying to approve me. Like would I be better off just going in there with a co signer versus possibly getting denied first them trying to get re approved?
Consider VA Home Loan, but remember..... You only get ONE 
Wrong NDBravehart84! Once you pay off the loan that you used the VA Guarantee Certificate on you get it back and can buy another property. You can buy as many properties as you want, but you have to pay the current property off if you want to buy another later. I know a VA employee that has 11 properties that he used the certificate one and paid them all off in full, he is now looking to use the certificate on his 12th property.
Consider VA Home Loan, but remember..... You only get ONE
There is alot of new info re: VA Home loans on the va.gov web site.
Did you know you can buy up to a four-plex - if you live in one unit as your primary, owner-occupied place?
Did you know you can go in with another VA Home Loan qualified Vet to buy a home - and they don't have to be your spouse or a blood relative, either?
Did you know that you CAN use your VA Home Loan for more than one time under certain conditions?
Did you know that some Vets can waive the VA Funding fee when they apply for their VA Home loan?
Did you know you can now build a new residence from the ground up now? No more having to buy a ready-made place?
There's alot you can do with a VA Home Loan these days!
Check out their web site!
v/r,
nwlivewire
Awsome...... I'll keep that in mind for my circumstance, thanks 
Thank you guys
Thatswhat I should of put in the title was VA home loan. I wanted to know if that helps beings I am UE,
I would suggest speaking with a lender who accepts the VA Home Loan programs and they can answer the questions as to what types of income can qualify you for a VA-backed Home Loan.
Different lenders have different requirements for income verification and what types of income will qualify.
I woul suggest calling a lender in your area.
v/r,
nwliveiwre
Fanny and Freddie made some changes with there lending practices. Some banks/mortgage lenders use the freddie/fannie system and some don't. The changes happened in December 2011 and January 2012 if I remember correctly. Many people who were pre-approved were/are no longer approved. The changes they made were not specific like changing the credit score requirement or front-end ratio, but rather a broader look at credit history.
We were already pre-approved (VA backed) for a larger mortgage then we were willing to take out and after our offer was accepted we were told we no longer were approved. We put money down to make it happen.
When we shopped around lenders were looking for finances expected for next 36 months. Unemployment can't be projected income for 36 months so would most likely need other sources. VA was satisfactory.
Creditboards is a great online resource. Many underwriters are on that forum and will answer your questions.
As long as your have a VA rating your VA funding fee is waved; this saves a few thousand dollars. Look into your individual states VA benefits. Many offer tax incentives for Veterans and you don't have to pay mortgage protection insurance with a VA backed loan.
We were already pre-approved (VA backed) for a larger mortgage then we were willing to take out and after our offer was accepted we were told we no longer were approved. We put money down to make it happen.
When we shopped around lenders were looking for finances expected for next 36 months. Unemployment can't be projected income for 36 months so would most likely need other sources. VA was satisfactory.
Creditboards is a great online resource. Many underwriters are on that forum and will answer your questions.
As long as your have a VA rating your VA funding fee is waved; this saves a few thousand dollars. Look into your individual states VA benefits. Many offer tax incentives for Veterans and you don't have to pay mortgage protection insurance with a VA backed loan.
All,
A few things to remember.
You can use the VA Home Loan benefit more than once. The funding fee percentage just goes up slightly the more times you use it. Also, remember if you are a disabled veteran you do not need to pay the funding fee. Finally, if you have submitted your VA disability claim paperwork and the ball is rolling during your home approval process you can apply to get the VA funding fee returned to you once your claim is completed and officially approved.
For example:
Former soldier X has filed for VA Claim today and is awaiting results. Former Soldier X is looking to buy a house with a VA Loan and will close on it in two weeks. He pays a VA funding fee of $4,000 which he rolls into the loan. A year later Former Soldier X is in his new home and gets his VA Rating of X%. He turns in paperwork and his bank that holds his VA Loan receives a funding fee refund check for $4,000 towards the loan.
Now, Former Soldier Y uses a VA Loan to buy a house today and pays a VA funding fee of $4,000 which he rolls into the loan. Two days after using the VA Loan and closing on the house Former Soldier Y decides to file a VA Claim. A year passes and Former Soldier Y receives his VA Rating of X%. Former Soldier Y decides to talk to a VA representative to file for a funding fee refund. Former Soldier Y is told he is not eligible for the refund of the fundning fee due to the fact he filed a VA Claim after buying the home.
A few things to remember.
You can use the VA Home Loan benefit more than once. The funding fee percentage just goes up slightly the more times you use it. Also, remember if you are a disabled veteran you do not need to pay the funding fee. Finally, if you have submitted your VA disability claim paperwork and the ball is rolling during your home approval process you can apply to get the VA funding fee returned to you once your claim is completed and officially approved.
For example:
Former soldier X has filed for VA Claim today and is awaiting results. Former Soldier X is looking to buy a house with a VA Loan and will close on it in two weeks. He pays a VA funding fee of $4,000 which he rolls into the loan. A year later Former Soldier X is in his new home and gets his VA Rating of X%. He turns in paperwork and his bank that holds his VA Loan receives a funding fee refund check for $4,000 towards the loan.
Now, Former Soldier Y uses a VA Loan to buy a house today and pays a VA funding fee of $4,000 which he rolls into the loan. Two days after using the VA Loan and closing on the house Former Soldier Y decides to file a VA Claim. A year passes and Former Soldier Y receives his VA Rating of X%. Former Soldier Y decides to talk to a VA representative to file for a funding fee refund. Former Soldier Y is told he is not eligible for the refund of the fundning fee due to the fact he filed a VA Claim after buying the home.