Mortgage Loan in our future

QuestionsMortgage Loan in our future
asked 4 years ago

Any TX loan guys out there:

 

Lets start with the negitive, I have FICO scores of 610/612/618, a CURRENT student loans of 60k and lots of charge offs and bad debts on my CR from 2011 and earlier. The good, my wife has FICO of 757/765/772, her CR has only one late payment. 

 

My wife makes 45k/year in income, I make 24k/year in military retirement and VA disability. I am self employed so all my income is unreported. 

 

Our debts is 2k in credit cards, 13K in a 401k loan and a condo in Virginia with a mortgage of 150k (probably worth 190K) that we rent out. We have no other debt other than my charge offs et al from several years go. 

 

We have 20k in savings, 175k in a 401k, that we can concievable borrow another 40k.

 

My question, how will they view all my COs and bad debt? How long before we can get a VA loan? Should my wife get a loan on her own? or does being patient just pay off in the long run? We are looking for a 175k house in San Antonio in the long run……

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