My wife is active duty Air Force which actually provides for us well. Ever since she joined, we have been aggressively paying off debt we acquired before she joined. This leaves us with very little left. Now we are in a situation where we need housing for next assignment, and are trying to get approved for a VA loan. Again, just through her alone, we have good income. I am currently unemployed because of the move to another city for her assignment. We have random debts and very little in accessible cash right now. 3 of the debt accounts are in my name only. Is it best if we just keep my name off of the mortgage? The loan officer talks like we have a decent chance of approval with some stretching. Just wanted to hear some real life experiences with a situation like this.
Bad financial situation, any chance of a VA loan?
byu/lyrall67 inMilitaryFinance
Posted by lyrall67
2 Comments
If you’re barely being approved, you can’t afford the house. I spent half of what I was approved for and it felt like the right amount. Everyone else who maxed it out was in a horrible situation when they PCS’d again and even lived tight while they were stationed there
Pay off your debt, save money, and then buy
Not a loan officer so I’m not sure if you’ll get approved or not but just came to say if you don’t have a down payment ready going in on a house with a zero down VA loan is going to more than likely cause your mortgage to be significantly higher than your BAH. But it’s all area dependent.