Home Buying in Southaven>Question Details

ABU JENKINS, Home Buyer in Walls, MS

I have 40,000, is it best to payoff debt or pay half and use rest down payment.I am retired military VA is an option also. Credit score 680

Asked by ABU JENKINS, Walls, MS Sat Jan 19, 2013

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I would recommend you speak with a financial advisor, then your accountant. Realtors are neither. Next, talk with a local lender about what to expect, money down, and etc on a VA loan. I think you will be pleased with their answers.

Some numbers you should have avaialble for review would include your current mortage and what rate your other "debt" is, IE are we talking about credit card debt? For example 21% interest rate on a credit card Vs 4% home mortgage? Pretty easy math on that one.

Best of luck.

Spirit
0 votes Thank Flag Link Sun Jan 20, 2013
WOW! you got two good responses from two good Realtors!

By the by; thanks for serving!
They never said that to us.

You might try the Navy Federal Credit Union.

Good luck and may God bless
0 votes Thank Flag Link Sun Jan 20, 2013
VA loans are running around 3% right now. If your debt has a higher interest rate then it would be best to pay off your debt since the VA loan does not require any down payment at all. With home prices on the rise in our area, there is no better investment. Your credit score is fine as the VA requires a 620 minimum score. Please feel free to contact me as I specialize in VA buyers in DeSoto COUNTY.
Email me.......info@desotodeals.info or you can always text or call 901-628-9583.
Terry Tomlinson
VA specialist
Bob Leigh & Associates
0 votes Thank Flag Link Sun Jan 20, 2013
If it were me (and I have to cover all bases by saying I'm not a financial advisor - just a real estate agent ;) ... But I would pay off debt. Then finance 100% thru VA ... one of the beauties of VA loans :) And just make sure you keep your house where you're truly comfortable with the monthly note. I'd be glad to help of course if you'd like! There's a lot of good ones out there right now!
Dana Owens Smith
662-404-0465
Crye-Leike Realtors
0 votes Thank Flag Link Sat Jan 19, 2013
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