Feel free to contact a great lender that I know.
Rene' Burson - Sr. Loan Officer
AmeriPro Funding http://www.ameriprofunding.com
Direct - 817-453-5863
She is very easy to talk to and knows her business well. She also does a good job of structuring mortgages where you can get into a home with minimal out of pocket expenses. She can explain all the details to you. Please let her know that I sent you and when you're ready to start looking at homes please give me a chance to help you. I'm a Navy brat and ex-Navy myself and very much like helping out Vets. Please review my profile for additional info!
Thanks and have a great day!
Joe Stone - Realtor®
You most certainly can qualify based on the benefits you receive. They are treated just the same as common income. You'll have to provide your award letter showing what the monthly benefit is and for how long it will be received. Just keep in mind banks will be more conservative with your debt ratio if you're on a fixed income. Be aware that you can use any pensions or retirement income as well, but it has to be documented as mentioned earlier.
You may want to consider NACA to help with your purchase. We offer mortgages with NO down payment, NO closing costs, and NO perfect credit. Check out http://www.NACA.com for some background.
Contact me with questions.
Mortgage Counselor - NMLS 280951
Best of luck to you.
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
firstname.lastname@example.org | http://www.AustinListed.com
Seems like everyone wants you to call them or their favorite lender, but maybe you were wanting a more detailed answer to your question. I am a combat decorated veteran from Viet Nam myself, so I can sympathize with what you've been through. You are absolutely right about "paying more rent than a mortage would cost." Many people are in the same situation, so I'll give everyone the big picture with my answer to your question.
It does not matter where your income is coming from, the rules for getting a loan are the same for everyone. There are 3 main topics that a loan underwriter will be taking a look at when you apply for a loan; but you may not be READY to apply for a loan yet, so be careful how you let all these people encourage you to run right out and call a mortgage company. (Some real estate agents don't know much about the trials and tribulations of getting approved for a loan, so they just pass the buck to the last loan officer that they worked with. And then they pray you get approved. Their focus is just selling you a house.) My experience (over 32 years) has shown that some people have to do their homework before they apply to a loan officer, or you will be rejected. It is much better for someone to show you why you are not ready to apply for a loan, and then help you GET ready. That way, you don't have more inquiries against your credit report which have failed to get you a loan.
Back to the 3 things they consider... They look at your credit scores, your available cash on hand, and your Income-to-Debt ratio. Obviously, you first have to document your sources of income. This may be easy, such as a letter from the SS Administration. (in your case) Once they have verified your total income, then they rate it against your total monthly debt payments. After looking at your available cash, and the I/D ratio, we can figure out which type of loan is best for you. Several people have suggested you might qualify for the Texas Vet program, and it is an excellent one! But sometimes, veterans find that a good ol' FHA loan is better for them, and they save their VA loan for a second house. (You gotta weigh the pros and cons.) There are ways to document more income, or improve your I/D ratio. One of the first things a lender will look at is your merged FICO scores from the 3 main credit bureaus. The median score must meet the lender's guidelines. And if it doesn't, then you either have to find another lender who is more lenient, or you have to go home and work on raising your FICO scores.
This is an area where I have been able to help many people, as I am a Certified Instructor in Credit Repair. (Comes from previous job experience.) Raising your scores can take time, and a person will have to keep renting while we work on them. When I get a call from someone who has to move right away, I just help them find a rental house for 6 months to a year, as it will take quite awhile to raise your scores. But while they are renting, we will get to work on removing negative info and adding positive info to the credit report. I can show you how to analyze your own credit bureau report, and it will not count as an "inquiry." (It is also a free service.)
So --- if you've got these 3 issues all lined up, then you are ready to call a loan officer, and make a formal application for a loan. Once the lender issues you a "pre-qualification letter", then you are ready to go out and start looking at houses! We will pick out the best house for your family, and then I will negotiate the best possible deal for you. And all the way along, I will guide you though the process so there are no surprises. When your loan is ready for closing, we'll get a wheelbarrow full of cash, and we'll go to the closing together. :)
I hope this outline helps you. I will give you more information when we sit down and discuss your personal situation. Feel free to write and ask me any question you might have.
ULTRA Real Estate
I am a preffered Realtor with Veterans Land Board (VLB). I would be happy to talk with you about your options.
Keller Williams Realty
817-920-7700 (office) http://www.cowtownhomesales.com
Here is a link to the Texas Vet Program.
Mortgage Branch Manager
Affiliated Bank Mortgage
5840 Interstate 20 West Suite 145
Arlington Texas 76017
NMLS # 250451
There are many excellent loan officers who can help you with this, so ask your Realtor for a referral.
Thank you for your service!
Good luck to you, sir.
Licensed Mortgage Loan Officer
100% Home Loans All Over Texas!
Britta Hinze, Realtor®
Seen on HGTV's House Hunters!
Alexander Chandler Realty, LLC http://www.alexanderchandler.com
6336 Camp Bowie Blvd.
Fort Worth, TX 76116