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Thread: VA loan advice!!

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    #11
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    Quote Originally Posted by villanelle View Post
    His incoem history doesn't matter much, because having had a stable job in the past doesn't pay your bills now. You may feel confident, but to them, it is all just numbers and statistics. And they don't really have much room to change their requirements, especially with a VA loan or a very large bank. If the VA requirements are that seasonal jobs aren't sufficient, there's probably not much they can do to change that. Do you work for income? Is there are reason you can't be added to the loan?
    I do not currently have a job, but I will be seeking one once my daughter and I moved back to Iowa. He is already there starting work. The only issue with me being added to the loan is that my credit is lower than his, which our lender told us that it could make it harder to obtain a loan.
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    #12
    Quote Originally Posted by brittney3 View Post
    I do not currently have a job, but I will be seeking one once my daughter and I moved back to Iowa. He is already there starting work. The only issue with me being added to the loan is that my credit is lower than his, which our lender told us that it could make it harder to obtain a loan.
    In that case, it might be better if you rent for a year, while you go out there and get a job, and while maybe he looks for something more stable/permanent. Maybe they'll be able to make it work with his current job, but if not, you can try again in a year.
    Science always wins over bullshit. ~Dick Rutkowski
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    #13
    Quote Originally Posted by villanelle View Post
    In that case, it might be better if you rent for a year, while you go out there and get a job, and while maybe he looks for something more stable/permanent. Maybe they'll be able to make it work with his current job, but if not, you can try again in a year.


    I agree with this. Remember the first few years of a mortgage you are paying nothing ( well almost nothing) but interest. You are essentially renting, because you are paying so little towards the principal balance of the loan. You are better off waiting until your incomes are more steady. Really in the long run it's not a big deal. And, if you do buy, and something major breaks down, it's on you to repair. If you are renting it's on your landlord for that $4000.00 furnace. BIG difference when you are struggling to pay the mortgage or rent.

    Don't rush into home ownership!
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    #14
    Quote Originally Posted by fivefourteen View Post
    WOW ! So in order to buy a house you would have to find a job already ? Me and DB are looking at houses to and I just wanna know for my own self ! (:
    Yeah...in order to buy a house you have to have a job so that you can you know.....pay the mortgage. There has to be income to cover the mortgage and than over and above.
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    #15
    Quote Originally Posted by brittney3 View Post
    He is the only one on the loan. He did he years in the navy and is now seperating. He has 10 years of solid employment history, but his new job that he is starting on monday is seasonal like i said above.
    Past employment unless there is guaranteed retirement pay kinda does nothing except show he worked consistently. It doesn't show that in the future he can pay his bills. Seasonal work doesn't show that either. We applied for a VA loan and DH had seasonal full time work with the state AND disability and retirement and the seasonal work made them consider longer than if that job had been year round.
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    #16
    Quote Originally Posted by brittney3 View Post
    I do not currently have a job, but I will be seeking one once my daughter and I moved back to Iowa. He is already there starting work. The only issue with me being added to the loan is that my credit is lower than his, which our lender told us that it could make it harder to obtain a loan.
    Harder yes but not impossible. I had almost no credit when DH and I applied for a home loan. I had only worked a part time job for 8 months and that had been 5 months prior. We still got a loan with a good interest rate for a good amount for this area. So a lower credit score is not an inhibitor.
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