Asked by MoonChild, Atlanta, GA • Tue Apr 22, 2014
I am self-employed Veteran and I have been renting a condo in Atlanta for the past 9 months. After just barely getting settled into the condo, the owner lets me know she has decided to sell. Long story short, this has been my life over the past 4 years and I am so exhausted with the uncertainty/instability of renting. Not to mention, I pay $1875 in rent towards someone else's mortgage.
I am mid-30s and have put off buying simply because my credit is awful. It has improved some from where it was, but it is a slow process. In the meantime, I am at my wits end (I literally cannot sleep) and really just need my own place. My lease ends in June and I would like to buy a condo in the same building I'm renting. I have no down down payment, my debt to income ratio is excellent, I am looking for $175K loan and my FICO score hovers at 548. Do I have ANY chance at all in getting a VA loan, or should I just suffer for the next 1-2 years until I get my credit in better shape?
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