Will the VA approve of my location, or what do they base there judgment on?

Asked by Adam Nadiak, 10950 Wed Oct 3, 2012

I am currently a contractor on location in Afghanistan. I make north of 135k per year. Credit score is above 690. Im looking to buy a home in the monroe NY area. This includes highland mills, harriman, etc. Ive heard stories that the Va will not approve houses in this area putting you loan at risk and cause you to look else where or delay your buy. Ive had friends ( also vets) get upclass houseing while they had minimal credit. I feel i stand in a good spot, with good income and good credit. Will this help

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Tom Gildea, , Orange County, NY
Wed Oct 3, 2012
BEST ANSWER
Hi Adam,

I have been writing VA loans in Orange County for over 10 years. 690 credit score is fine for the VA loan. There are no geographical limitations for a VA loan. There are limitations on condos. Co-ops and mobile homes are not allowed. I can answer any other questions you have about the loan. I can do the financing for you and also introduce you to an experienced real estate agent.

Thank you,
Tom Gildea
tom.gildea@hudsonunited.com
914-213-3892
1 vote
You see that awesome to hear. Ive been trying to get pre approvals and people were saying by word of mouth that the VA hates monroe. I have no choice, my fiances kids like it there and i dont want to move them, Heres the game plan, Working as a contractors pays well. Im on my first year but re signing for 2 more and building up a decent down payment. If what they say is true then there is no min/max for me to put a down payment with the va loan. so by APRIL ( my timfram or maybe a month earlier, i want to be all set to move in on my pick of homes. ) . Is this something we can work on. Or rather will you accept the task of assisting here. Also, Is a town house considered one of the limitations
Flag Wed Oct 3, 2012
, ,
Thu Oct 4, 2012
Hi Adam,

Thank you for your service.

VA doesn't really care about where you buy. The only thing I can think of that would matter would be the VA county loan limits. In most areas it's capped at $417,000 but some counties it's as high as $625,500. This affects how much of a home you can buy without a down payment using a VA mortgage.

You credit score is fine as long as that's an accurate representation of you middle score.

Your income maybe enough but that's going to depend on your monthly debts as well as the total proposed housing payment and taxes in NY can be killer.

Please feel free to contact me for more information or help. You can also find info on my VA Mortgage website by clicking the link below.

John Burke
Senior Mortgage Banker
Peoples Bank & Trust
(877)228-9069
2 votes
Dominic, , Pearl River, NY
Thu Oct 4, 2012
Your income is great Your score is very good. If Your income to debt ratio is fine then You will be granted a mortgage. The VA does NOT discriminate against locations or towns. They do have a tough criteria when it comes to a home. No peeling paint etc. The VA will allow mortgages in our area to about $417,000.00. If that is enough of a home , then You have it made. At that price, You can get a new 3 bedroom Home or possibly a 4 bedroom... Let me know if You need more help. I have a home in Monroe, NY...Dominic
1 vote
What about being single or married , does this matter as well. ?
Flag Fri Oct 5, 2012
Dominic, , Pearl River, NY
Wed Oct 3, 2012
Locations are not part of the criteria as stated above. They are a bit more strict than an FHA loan. No peeling paint, broken glass etc... Hope that has helped. From a Veteran !
1 vote
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