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Renee C
Will my husband be able to use his VA loan certificate to buy a house in this market?
I know the banks aren’t loaning money right now, will this affect my husband getting a VA loan?
My husbands credit score is around 670 and he makes around $ 120,000 a year the home we are looking at is $ 425,000. Does anyone know what the VA rate is?
My husbands credit score is around 670 and he makes around $ 120,000 a year the home we are looking at is $ 425,000. Does anyone know what the VA rate is?
...asked February 3rd, 2012 @ 6:00 am
in Loan - Home
40878src50
0 
0Yes. The certificate means that he is eligible for the loan but it doesn’t guarantee that he will be approved by the lender.
...answered February 3, 2012 @ 6:03 am
40879Sam B
0 0Yes , it is possible to get a loan in today’s market. It’s just a little harder. I know of people with a VA certificate who are getting loans right now. The VA only guarantees a certain amount of your loan. You still have to go through a bank or mortgage company to get the actual loan. So you have to be approved by them based on your credit score.
...answered February 3, 2012 @ 6:35 am
40880Mortgage Pro
0 0Banks are still righting mortgages. Provided he qualifies, (income and credit wise), he can get a VA loan. Please use a reputable lender, ask your Realtor for a recommendation.
...answered February 3, 2012 @ 7:12 am
40881Expert Realtor
0 0Banks ARE loaning money right now. I have no idea of where you are getting that information because no one on the news has said any such thing..
The credit criteria has got more strict….that is a big difference. As long as a bank has deposits, they are able to make loans.
You’ll have to check locally to see what the VA rate in your area is, as this changes according to a geographic location.
I can tell you now, that a $ 425K house on a $ 120K income is going to stretch you to the limit and you won’t have money for extras or very much savings.
You need to look at a less expensive house or else you are running the risk of being house-poor.
...answered February 3, 2012 @ 7:47 am
40882Patty D
0 0Money is available for mortgages and you should have to problem getting a mortgage. VA rates are around 6% right now. Good luck and thank you for serving.
...answered February 3, 2012 @ 8:36 am