How do I qualify for a VA loan taking into consideration the details listed below?

Capt.greg
Home Buyer
Lake Las Vegas, Hend...

I already have two homes, one in So. Cal. and another in Alaska neither of which I am interested in selling. But I would like to relocate to Lake Las Vegas and purchase a LOW cost condo or sfr with 2br & 2 bath (max) as my primary residence using my VA. What do I need to do to qualify in today's enviornment for a VA loan? Neither of my existing homes are VA loans.

Answers (1)
Darrell Evans
Mortgage Broker
or Lender

Las Vegas, NV
FIRST ANSWER

If you are planning to make Las Vegas your primary residence, you'll need to show:
* transfer orders to local base
* If either or both of your homes do not have at least 25% equity in them, VA now requires that you qualify for the mortgage payments on all of the properties you currently own in addition to the one you are considering purchasing along with other monthly debt obligations (even if you'll be renting the homes out of state).
* standard guidelines still apply (too many to list) but a min fico of 620, no more than 41% of income allowed for all debt, 2yr verification of income etc.

The good news is that VA still allows for seller contributions up to 6% of the purchase price(if negotiated) and VA is still available with $1 down.

Fri Jun 19 2009, 22:58

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