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Sounds like refinancing to get your interest rate and payment down are a good idea, but not sure about turning your truck note at 0% for probably less than 5 years into a 30 year debt.
You're also paying a higher mortgage interest rate for a "cash out refi". Have you looked at simply a "rate/term" refi?
Look at your other options here, sounds like you're on top of your budget, so that's good. Look at just rate/term refi for 30 yrs, 20 yrs and 15 yrs, plug the numbers into your budget and see what that looks like.
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e recently took a look at how foreclosure can affect your ability to obtain a VA home loan. This time let’s focus on bankruptcy. For most prospective VA borrowers, it’s pretty much the same (good) news: Experiencing a bankruptcy doesn’t mean you’re automatically out of the running for another VA-backed mortgage down the road.
Although the VA loan process will be a little more difficult, Veterans United’s Lighthouse program can help you get on the right track.
Bankruptcy filings in federal court dropped nearly 13 percent in the 2014 calendar year. But consumers still reeling from the economic collapse continue to seek shelter using either a Chapter 7 or Chapter 13 protection (you can learn more about the difference between the two here and here). These tools can help veterans in financial distress get their overall fiscal health back on track. But they do come with some negative consequences, which generally includes a sizable hit to your credit score.
We require 620 credit scores so we cannot help directly. I do know there are lenders that will do loans down to a 580 score. But the terms and down payment may be higher. It may be worth it for you to take the time to raise your score to 620 to get the best terms. I think you need to find an experienced lender, well reviewed, who earns your trust, and go through a pre-approval process to see exactly what you can do now with your current score, and then ask what they could do if your score was 620, and you can decide if you think its worth waiting. But a lot of times there are things on your credit report that got your score so low in the first place, like collections, judgments, liens, etc; that may have to be resolved with any lender, even one who will accept a score as low as yours. So waiting may end up being your best choice for several reasons. Please don't be in a rush to buy home, it's the worst mistake you can make. If you have a very low credit score you may have some serious credit issues, and buying a home may simply exacerbate a currently bad credit scenario. Good luck.... more