Home Buying in Los Angeles>Question Details

Karen, Renter in 90059

Can I buy a house in Los Angeles, Ca with a 617 score and a VA loan on a $2,800 monthly pension?

Asked by Karen, 90059 Fri May 2, 2014

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NACA can help you get a loan with a fixed, below market interst rate with no down payment, no closing costs and perfect credit is not required. NACA is a HUD certified non-profit focues on working with low to moderate income individuals and families, and all our services are free of charge. Please sign up for a free workshop at our website http://www.naca.com.

Tim Trumble
Online Operations, NACA
0 votes Thank Flag Link Fri Jun 26, 2015
If you make $2800 per month or $33,000 per year then your purchase price that you would qualify for on a VA loan would be around $175,000.

Wells Fargo and I do not charge a lender fee to Veterans. And we also have a 1st time home buyer gift card of $500 after you close the loan.

I can get you pre-approved within a few hours once I have your income documentation. Here is what I'd need from you in order to get started-

> - Pension Award letter

- 2012 and 2013 1040 federal tax returns, all pages and all schedules.
> (don't need State of CA returns)
> -2 months bank statements
> - Asset statement like 401k,
> IRA or stocks/bond account.

Email to bryanhorn1@gmail.com or call/text 858-805-5347
0 votes Thank Flag Link Fri Dec 26, 2014
Hi Karen ,

You should be able to buy a home with the information you provided ,please check with a lender,if you dont have a lender ask a couple of close friends you trust fora couple of recommendations ,good luck !
0 votes Thank Flag Link Sat May 3, 2014
Brad, thank you. I will.
Flag Sat May 3, 2014
Hi karen

you should be ok , you should apply with mortgage broker or lender.

good luck

Omar Khamisa
Loan Manager
NMLS#: 369325
Cell: 510-648-5535
Fax: 510-751-4823
We close your loan Fast & Easy
Web Reference: http://msjmortgage.com
0 votes Thank Flag Link Fri May 2, 2014
Thanks, Omar, I will contact a mortgage broker or lender.
Flag Sat May 3, 2014
Brian, thanks for the quick response and the information.

Yes, the $2,800 pension is the only (steady) income I currently have, until I get a (real) job. I've been a substitute teacher this past year (from 2013 to the present). I've also saved about $12K+ in the last year or so.

I left the military four years ago and spent the last three years in graduate school. Besides, I recently finished grad school four months ago and will be attending my graduation commencement in two weeks--on May 15, 2014.

Currently, I'm looking for work in New Jersey and in Los Angeles even though my gut feeling is to move from New Jersey to LA as soon as I am able to do so.

More specificially, Brian, I want to move from the east to the west coast within the next 3 - 6 months. So I'm, presently, scouting either a Los Angeles 2-br rental or a 2-3 br house (I can afford), although I'm aware that the DTLA market is overpriced, to a large extent, as far as rentals and mortgages are concerned.

Brian, to answer your question: I have student loans of $126K and about $11,500 in other debts. Presently, my DTI ratio is high; however, I'm working on drastically reducing both the student loans and the miscellaneous debts not only to increase my credit score, but also to create a different financial foundation for myself.

More importnatly, Brian, I don't have any credit card debts, besides the low monthly charges on the two credit cards that I have been using on a regular basis, during the past year or two, to re-establish my credit history. I (mostly) use one-third of the credit limits on my two credit cards and, then, I pay off the two balances the following month, so as not to incur any extra debt!

Once again, thank you, Brian, and have a wonderful weekend and take care.
0 votes Thank Flag Link Fri May 2, 2014
When it comes to credit, you should be good. Lenders like myself can go as low as 580 when it comes to credit for a VA loan. When it comes to your pension, is that your only income? How does your debt look like? Unfortunately, we do not have nearly enough information about your situation to help you out. So the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
0 votes Thank Flag Link Fri May 2, 2014
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