Financing in West Palm Beach>Question Details

myoffersando…, Home Buyer in West Palm Beach, FL

My partner and I are looking for a home. Our current gross income is $6,505.54 (Mine is $5,163.64 his is $1,341.90). He is a veteran. Help!

Asked by myoffersandorders, West Palm Beach, FL Wed Mar 27, 2013

As I stated the numbers are above. He is a veteran and qualifies for a Certificate of Eligibility from the VA. Is it best to go through the VA or through a bank? Can you get any kind of place with a VA loan or are there restrictions? We would like to find something downtown West Palm. Also, with those numbers above, what kind of loan do you think we could be approved for? We will both be first time home buyers which is also helpful from what I've read. My scores are 689 and 692. We do not have his scores yet. Help!

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Tony Grech’s answer
VA doesn't lend money directly to consumers. You would have to to through a lender that offers VA financing.

But I think you would probably have to use conventional financing as opposed to VA. VA permits a legal spouse to act as a co-borrower without restrictions. However, if you are not his legal spouse then there are restrictions. Basically his income would need to be used to qualify for exactly half of the mortgage. This means that a lender could only use $1341.90 of your monthly income to qualify.

Also, your partner would have to get approval from the VA regional center in order to put you on the loan with him.

That's not to say it's not possible, but on a VA loan the most you'd qualify for would be about a $750/month payment including taxes and insurance.

A conventional loan will require a larger down payment (5-10% in Florida), but you would be able to qualify based on both incomes. You could likely be approved for double the mortgage payment.

At any rate, you should speak directly to a lender who can walk you through your options. Without ALL the details it's tough to give a complete answer.

Best of luck!
1 vote Thank Flag Link Wed Mar 27, 2013
My suggestion is go to the bank you have accounts with now. Ask the questions you have about going VA or conventional with a loan. They will explain the pros and cons of doing either.
I live in Downtown area so I am very familar with it. Lots of great condos. Id be happy to give you a tour of them so you can see what each has to offer. Downtown has from super luxury amenities at still great prices to condos with great amenities. all depends on the lifestyle you wanna live. =)

Feel free to contact me with any questions

Jacquie Yekmalian
Lic Real Estate Broker
Blue to Green REalty....from the sea to the 18th tee!
0 votes Thank Flag Link Wed Mar 27, 2013
Well there are so many options and programs out here available. With your income and credit you could get a nice condo downtown. Inquire with both the VA and your local bank to make comparisons in regards to what programs each have to offer! Feel free to reach me direct at 561.452.7709

Pearl Carson
Realtor/Marketing Specialist
561.452.7709 (call or text)

Keystone Realty Group
0 votes Thank Flag Link Wed Mar 27, 2013
Right off the Top you should Know that one of the few limitations that
using your VA Benefit presents is that Co-Borrowers other than a legal
" Spouce" are not permitted. You will have to look at other options! Your
credit scores look promissing! Go for it!

Bob Brubaker Highlight Realty Palm Beach County Fl. 561-876-6649
Web Reference:
0 votes Thank Flag Link Wed Mar 27, 2013
Hello, The VA sponsers the program and sets the guidelines but does not write the loan itself. Usually you would go through a banker like myself or a broker who brokers the deal out to a bank. Ideally FHA and VA like to see the housing payment around 28% of gross income or less but in many cases we have gone higher if the customer really wants the house. In your case that would be a total payment of around $1820. Thats principle, interest, taxes, insurance and HOA. In todays market that is a SFR of about $210,000 to $220,000. For a detailed estimate give me a call or drop me an email and I would be glad to put it together for you.
0 votes Thank Flag Link Wed Mar 27, 2013
Are VA loans free of private mortgage insurance?
Flag Wed Mar 27, 2013
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