Posted on: 22nd Feb, 2010 08:19 am
My wife and I found a big house for our large family at a reasonable price. My question is if we can get it for under 1,000 a month. The price is 145,000 for this house.
My wife is a veteran who will qualify for a VA loan but the lender we are talking with is telling me that his "investors" are saying "no" to a VA loan because my wife doesnt work and has no income. I have sufficient income to purchase this house and my credit is great and figured that since I am married to a veteran that we should be able to get a VA loan, no matter what her income is or isnt. Is this true, or should I talk to more lenders?
Anyway, if we dont get the VA loan and have to pay PMI insurance plus a likely higher interest rate on a 3.5% down FHA loan, I am worried that the payment will be higher than a grand a month. Taxes on this house run around $140 a month and insurance... who knows, anywhere from 50-100 a month. I am in SW Missouri.
Thanks for your responses.
My wife is a veteran who will qualify for a VA loan but the lender we are talking with is telling me that his "investors" are saying "no" to a VA loan because my wife doesnt work and has no income. I have sufficient income to purchase this house and my credit is great and figured that since I am married to a veteran that we should be able to get a VA loan, no matter what her income is or isnt. Is this true, or should I talk to more lenders?
Anyway, if we dont get the VA loan and have to pay PMI insurance plus a likely higher interest rate on a 3.5% down FHA loan, I am worried that the payment will be higher than a grand a month. Taxes on this house run around $140 a month and insurance... who knows, anywhere from 50-100 a month. I am in SW Missouri.
Thanks for your responses.
razzman, hopefully your insurance estimate is higher than reality. you'd have to obtain a new loan at a rate of 5% or less, in order to meet your $1000 monthly budget.
Thanks for your response George... what about the VA loan question? I cant seem to find an answer to that yet.
frankly, i don't know the answer - that's why i left that part of your post alone. your logic makes sense to me, though.
You might be eligible for the VA loan. Even though your wife has no income it is still her entitlement that will be used, so her credit has to be part of the deal. If her credit is ok you're in the game.
Getting a payment of $1000 is another matter.
Getting a payment of $1000 is another matter.
>>Is this true, or should I talk to more lenders?
Yes, it's true, you should talk to more lenders. Your wife doesn't have to be the primary borrower to use her VA guaranteed home loan benefit, she just needs to be a veteran. And since you're married, the two of you can be on Title and the Note. There are Lenders out there that don't have that "investor overlay".
Yes, it's true, you should talk to more lenders. Your wife doesn't have to be the primary borrower to use her VA guaranteed home loan benefit, she just needs to be a veteran. And since you're married, the two of you can be on Title and the Note. There are Lenders out there that don't have that "investor overlay".
y'know raymond...i didn't even catch that it was an investor overlay, even though razzman had stated it clearly enough. thanks for stopping by and fixing this. it's mind boggling what some of these investors want and don't want.