Look For On Credit Report, Etc.....

Q: Can someone post some info on VA loans regarding eligibility, what they look for on credit report, etc.....

A: Jen, I assume you are talking about buying a house in which you will live as your 'primary residence'? In that case, they look for a 41% or less debt to income ratio, as follows: For an estimate of someone's debt to income ratio, take House Payment + Monthly Debt (Student loans, consolidation loans, car loans, credit cards) _____________ = Total Monthly Debt, then divide that by Gross Monthly Income, then multiply the result by 100. That gives the Debt to Income ratio as a percentage. Veterans Administration accepts 41% as the D/I ratio. The lower the better, meaning that you have lower debt compared with your income. Some lenders allow 28-45% range. Even the VA figure is not 'cast in stone', if you are "close" to 41%, they will consider it. They typically look for loans that have been paid off, how long you have been at your current job and past job stability, along with revolving (credit card,

car loan, student loan) debt, how long you have been at your current residence and your past residences. And, of course, they scrutinize any late payments and past due, delinquency, overdue real estate taxes, etc. I currently have a Centrevill, Virginia 2 level townhouse for sale: ZERO DOWN, ZERO CLOSING and it is 3 br / 2.5 ba, fenced yard, etc. Payments are about $1k/mo (PI=$893 & TI=$111). It is a 7.5% VA loan, with 2 years paid off on it already. I am out of the area and anxious to sell it. It is small, but would make a good starter home. You can e-mail me at: infs0...@frank.mtsu.edu or Call at (615) 872-6164. THIS IS THE CHEAPEST WAY TO OWN YOUR OWN HOME!