Home Buying in Fairfield>Question Details

Jonathan Mac…, Home Buyer in Fairfield, CA

My wife and my income is from our VA disability compensation, a bit over 4k a month. We have good credit and 20k savings and our only debt is a

Asked by Jonathan Macdula, Fairfield, CA Mon Oct 1, 2012

Credit card. With our type of income is it possible for us to get a mortgage? We would live in it for about 2 years then make it a rental, so would that affect the type of mortgage we should get? Thanks in advance.

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Hello Jonathan, your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Although VA or CalVet are not fico score driven programs they have fairly strict credit guidelines and you can buy with zero down payment.

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve you can be emailed listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

I am also a Veteran and love assisting Veterans. It only takes a few dozen questions to qualify, go over your options and email you listings to study and compare. Here are some links to study as well as web reference links to many loan program pages offered...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
22+ Years Experience
BRE# 01140252
NMLS# 297251
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com

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0 votes Thank Flag Link Thu Jun 11, 2015

VA Mortgage Loans are available today for both honorably discharged Vets and active duty military personnel. Here are some of the great features of this fantastic program:


- Up to 100% financing, with no down required.

- No monthly mortgage insurance added to your payment.

- More lenient credit qualifying standards than other types of mortgage loans.

- Low rates compared to other loan programs.


-Order your Certificate of Eligibility. A Florida VA loan lender can order your COE quickly for you, or you can go directly to the VA to obtain a copy. If discharged, you will need your DD214. The next step is to get pre-approved with an experienced VA lender.

-2 years tax returns

-Last 2 paycheck stubs

-Last two bank account statements

-600+ credit score (typically 640 is what most lenders look for)

-Same line of work for the past two years

-Money for closing costs

Please contact me and I will put you in touch with the best VA lender!!!
Andrew 954-394-7185 (prefer text first)
0 votes Thank Flag Link Thu Jun 11, 2015
Yes you could qualify for a 100% financing VA mortgage. I am a VA mortgage specialist, feel free to call 858-922-7899
Web Reference: http://www.socalvaloans.com
0 votes Thank Flag Link Mon Oct 8, 2012
Call Jai Ramaiya @ 707-456-7334 At ACC. She's been doing loans for over 20 years and a local lender. She will answer any VA questions you have.
Web Reference: http://www.707456refi.com
0 votes Thank Flag Link Mon Oct 8, 2012
You can should certainly qualify to obtain a home mortgage with 100% financing, or no money down. You would pay reduced property taxes on your home. The down payment you make would reduce your costs for the VA loan. Call the US Military Veteran Family Resource Center in Vallejo for additional information. The telephone number is (707) 557-1491. They are located at 1305 Tennessee St., Vallejo, CA.
0 votes Thank Flag Link Mon Oct 1, 2012

VA disablity compenstation is not only usable but as Shane stated, but as a nontaxable income, we would use the $4000 plus another 25% of that on top ($5000) as income for you.

You will not need to pay/finance a VA funding fee due to the following:

•Veterans receiving VA compensation for service-connected disabilities.
•Veterans who would be entitled to receive compensation for service-connected disabilities if they did not receive retirement pay.

This is a great opportunity for you. Zero down payment and no VA funding fee to add onto your loan.

By my estimates you qualifiy for a $400k purchase (with zero down payment).
We can get your closing costs paid for by the lender, as well.
You should not have to use much cash out of pocket!!

My direct email is: cgravelle@diversifiedmg.com if you would like more detail!
0 votes Thank Flag Link Mon Oct 1, 2012
Yes, VA disability benefits can be used as qualifying income. The non-taxable portion (which should be all of it) can even be grossed up for qualification purposes, so on paper the underwriter will consider you have more to qualify with than $4,000/mo. It could be the difference to allow you to qualify for the type of home you need.

If you have sufficient VA eligibility you can use a VA mortgage to purchase your home. Down payments aren't required on VA mortgages, but if you are not exempt from the VA funding fee then a down payment can help reduce the amount of the funding fee. You can go to https://vip.vba.va.gov/portal/VBAH/Home and register, and then request your own Certificate of Eligibility which will say if you are exempt from the VA funding fee (if you are receiving VA disability income then there is a good chance you would be exempt) and also it'll list how much VA entitlement you have.

FHA mortgages are also an option, but they require a 3.5% down payment, have an upfront mortgage insurance premium (similar to a VA funding fee) that cannot be waived, and also has a pretty high monthly mortgage insurance amount, so your monthly mortgage payment for the same sales price would be more with an FHA loan. Conventional financing is also an option, but like FHA financing there is mortgage insurance. VA financing usually is the best financing option if it is available to you. Let me know if you'd like to discuss.

Shane Milne | Lending in all 50 states | NMLS #81195
0 votes Thank Flag Link Mon Oct 1, 2012
The Va loan is one of the best financing option you will ever have. In order to get the benefit of a Va loan you need to have the certificate of elegibilty. Any questions and concern you should ask to the Loan Guaranty Division at your nearest VA regional offices.

Best of Luck,

Maria Cipollone

0 votes Thank Flag Link Mon Oct 1, 2012
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