Home Buying in Raleigh>Question Details

Rickina Velte, Home Buyer in Virginia Beach, VA

My husband will be retiring in 2015 after 20 yrs of navy service. We'd like to relocate to Raleigh NC. My husband is concerned about qualifying

Asked by Rickina Velte, Virginia Beach, VA Sat Jun 8, 2013

for a home loan, will he need a new job lined up first?

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You might check with USAA they have a great program for vets. The same 100% financing but you don't have to ask the seller to pay closing costs, which makes your offer very compelling to sellers. Let me know if you need a referral to a USAA agent.
0 votes Thank Flag Link Tue Jun 11, 2013
The great news is that your husband will probably qualify for the much - desired 100% financing VA loan. Be sure that he gets his DD-214 and Certificate of Eligibilty to present to his lender and qualify. The VA does not have set minimums for his credit score and alternate lines of credit may be acceptable. Be sure to contact a lender to determine what he can qualify for based on his current debt to income ratios, credit scores, etc
0 votes Thank Flag Link Tue Jun 11, 2013
Great to hear you have selected Raleigh area. It is a nice place to live, relax, and enjoy life. This place is not too big nor too small :-).

The lending laws/rules have been changing over the years especially after the housing bubble bust. I would suggest to start working with a lender and working toward to get qualified. I do have a couple of good lenders and would be glad to forward you their names and contact info. Once you are on a right track to be qualified, interview and select a good buyer agent with a good knowledge about this area and the local real estate market.

Love to earn the opportunity to work with you,

0 votes Thank Flag Link Sat Jun 8, 2013
First off, thank your husband for his years of service!! I have an Uncle who served in the Navy and was was stationed onboard the Missouri . He is now in hi 80's and still attends the Missouri reunions every year although he told me last time, the number has dwindled quite a bit. AS for me, I come out of an Air Force family so if your husband can stand that, I'd love to help you some day.

To answer your question, I have a friend who retired out of the Merchant Marine and used his pension to qualify for his home. His wife also had a pension from teaching so I'm sure that helped. As has been stated, your best bet is to get up with a lender and have them run some numbers for you. I can suggest a good local lender I have been dealing with almost exclusively since I got into real estate in 1994. As a matter of fact, she just helped my oldest son and his wife purchase their first home via a VA loan. Her name is Natalya Hill and she can be reached at 919-614-0388 or via e-mail at natalya.hill@hgfloans.com . In the meanwhile, if you would like to learn more about the Raleigh area, please visit my website at http://www.RaleighHomeSite.com . I have lots of links to as much information as I could find about the area.

Best wishes,
0 votes Thank Flag Link Sat Jun 8, 2013
James' response is perhaps the most spot-on at this point since ANY lender is going to focus on what your qualifying income will be in order to pay back your loan. Income must be confirmed that it will continue for a period of 3 yrs. and that it's stable. (If you have a pension or something like SS Income, that would be ideal and the easiest to use for verification and qualification purposes. something like a new job in this area, could possibly take additional time to prove it's stable --unless you are relocating as part of an inter-company transfer or relocation; but you mentioned retiring so I'm not sure that's applicable)

Naturally, I am assuming that you and your husband should use his VA Entitlement (If you haven't already used it or if you have-- you've satisfactorily used it to the point that there's a significant portion that's re-usable) since it's THE BEST loan option available to any veteran that qualifies for and has undoubtedly earned it.

Call or email me your questions as I'd be happy to help you become approved. You can apply securely online, complete your pre-approval, generate your pre-approval letter and submit your qualifying offer to one of these helpful Realtors the same day!
0 votes Thank Flag Link Sat Jun 8, 2013
Wow thank you all for the wonderful feedback. We appreciate it, and I will continue to research his options with the VA. Thank you
0 votes Thank Flag Link Sat Jun 8, 2013
Well that depends on if he will have an income or not. My brother-in-law retired from the Coast Guard with a pension and he is able to show that as income without having a job and purchase a home. If your husband has some sort of income without getting employment then it may be possible for him to purchase without a job. I would suggest that you speak with a knowledgable lender about your situation and they then can help guide you through this.

BTW, please do thank your husband for his service to our country! Also through Navy Federal your husband can get cash back after closing when using a prefered agent..Call me at 919-610-5203 for more information on the cash back program.

James Oksen Jr
0 votes Thank Flag Link Sat Jun 8, 2013
Good morning I know several mortgage specialists who can best answer that question for you but depending on where you are looking to move you have a few options including a USDA loans and /or 100% VA loan.

Please let me know if I can offer you my
Help or recommend a mortgage specialist in this area I would be honored to help you in this process. Call email or text me!

Have a great day!
0 votes Thank Flag Link Sat Jun 8, 2013
Thanks for your question. There are a good many variables to consider before you question can be answered. We would recommend that you talk with a mortgage specialist. We ave someone we work with almost all of the time. While he has an office, your questions can be answered by him and there is no charge for this. Obviously, should you buy a home, he would love to write the mortgage. However, depending on your husband's retirement income, there may well be some good news for you with a VA loan.
My wife, Erin, and I are both Realtors (and I'm an ex-navy vet) and we would be delighted to assist you. Please call or email us: (919) 624-6726 or edanderin@edanderin.com

You're gonna' love Raleigh!


Ed Williams
0 votes Thank Flag Link Sat Jun 8, 2013
Good question for a mortgage specialist but I think his retirement is his income after he retires. Did you know he can get a 100% VA loan? I was in the army and I would welcome helping you. I can help you find a good mortgage specialist and help you find a home. Just ive me a call.
0 votes Thank Flag Link Sat Jun 8, 2013
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