Home Buying in 47805>Question Details

Mandy, Home Buyer in 47805

I am eligible for a VA loan and I am about to change jobs. How long will I have to wait to make a purchase?

Asked by Mandy, 47805 Thu Mar 8, 2012

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Pay from a part time position will not count unless you have been in the part time position for at least 2 years. As for your credit score, minimum thresholds on credit scores for a VA loan are lender overlays, they will vary from lender to lender. However, 590 is a pretty low score, even if you find a lender that would run with a score that low, it may not be in your best interest. The guidelines actually protect you more than they do the lender. Underwrite yourself, find out why your scores are so low and fix the problem and or change the behavior before going in debt. That is the only way to protect yourself, good luck,
0 votes Thank Flag Link Mon Mar 19, 2012
As long as you're in the same line of work, you will not have to wait.
0 votes Thank Flag Link Mon Mar 19, 2012
I am changing career fields and taking a pay cut. I do not have a probationary period per se. I am joining the union and I have to go through 11 weeks of pre-apprenticeship so I am not technically employed with them during that time but I am staying on part-time with my current employer. I am also wondering if there is a minimum credit score. I have heard from different places that VA loan can be done with a credit score as low as a 590.
0 votes Thank Flag Link Mon Mar 19, 2012
Information is power and the best decesions are made with the best information. I want you to contact a local lender who participates with the Va loan program and talk with a loan officer who can provide you with the facts. This will lead you down the right path and save you time and effort. If you are going to work with a Realtor, it is important that you choose someone who works in your best interest and has the experience to take advantage of all the features available to a Veteran.
0 votes Thank Flag Link Fri Mar 16, 2012
Mandy - It depends.... will the new job have a probationary period with it? With some lenders this will make a difference..... I am a mortgage broker who works in the state of Indiana... we have closed many VA loans... I am confident that we can help you.............. David Mennen - Tippecanoe Mortgage 765-714-8894
0 votes Thank Flag Link Thu Mar 8, 2012
I am changing career fields and taking a pay cut. I do not have a probationary period per se. I am joining the union and I have to go through 11 weeks of pre-apprenticeship so I am not technically employed with them during that time but I am staying on part-time with my current employer. I am also wondering if there is a minimum credit score. I have heard from different places that VA loan can be done with a credit score as low as a 590.
Flag Fri Mar 16, 2012
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