VA Home Loan Questions

QuestionsVA Home Loan Questions
asked 6 years ago

 My Wife and I are thinking about applying for a VA Home loan and I was hoping to get some guidence from all you fine people.


We got the 3 score report and her scores are around 610.  However, her fico mortgage scores are in the 650’s. Mine are all in the mid 700’s.


She is 100% disabled and recieves around $ 3000 monthly from the VA. I have been working on starting a home business for the last 6 months, and while it is turning a profit, my understanding is that until I have 2 years of books we can’t use it as qualifying income. Is this correct?


Our only debt is $ 8,000 in student loans with a $ 100 a month payment. We have around $ 27,000 dollars in savings for a down payment (and could therefore pay off the student loans if that would help with our DTI.) 


My wife has a couple medical collections on her report (from bills the VA was supposed to pay but didn’t) Along with many missed and late payments from about 2 and a half years ago when she was in and out of the hospital. 


Do we have a chance of qualifying for a VA loan using only her $ 3000 monthly income. We are looking at homes at around 150K? 

Home Mortgage — Getting to Know Your Taxes

Robert Randall replied 6 years ago

Regarding home equity interest deductions formula… when you subtract the
home acquisition debt from the market value of home, does the home value
include the value of the property or just the value of the home less the
value of the property.

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