Veterans

mrmpa

(4,033 posts) Wed Jun 21, 2017, 08:06 PM Jun 2017

VA home loan info.........

My better half is a former Marine. He is retired with a monthly income of $3,300. His home is appraised at approximately $125,000. He has a first & 2nd mortgage with payments of about $1800 a month and a high (over 10) %age. He is trying to get a lower percentage and monthly payment. He has a good credit score, 680.

He went through his local bank and they denied him. He asked them to apply for a VA loan, they stated that they don't do VA loans. We found a loan company that deals exclusively with VA loans. They would be able to consolidate the mortgages and with their interest rate of about 3.25% they could save him about $900 a month.

Today the loan officer called and said he could not get a VA loan, but he would try to get it underwritten by FHA.

We're just not understanding the VA loan system. Anyone out there can help us understand this?

7 replies

= new reply since forum marked as read

Highlight:

VA home loan info......... (Original Post) mrmpa Jun 2017 OP

Why could he not get a VA loan? TomSlick Jun 2017 #1

my error on his income, updated.......... mrmpa Jun 2017 #3

I think you can only have one at a time. we can do it Jun 2017 #2

He's never had one before....eom mrmpa Jun 2017 #4

There might be credit score or debt to income issues. we can do it Jun 2017 #5

Call Quicken loans...they are good and fast.. pbmus Jun 2017 #6

Please report back after tomorrow's meeting. TomSlick Jun 2017 #7

TomSlick

(13,091 posts)

1. Why could he not get a VA loan?

Reply to mrmpa (Original post)

Wed Jun 21, 2017, 08:10 PM

Jun 2017

I need more info to attempt to be helpful.

mrmpa

(4,033 posts)

3. my error on his income, updated..........

Reply to TomSlick (Reply #1)

Wed Jun 21, 2017, 08:25 PM

Jun 2017

also will talk to loan officer again tomorrow

we can do it

(13,036 posts)

2. I think you can only have one at a time.

Reply to mrmpa (Original post)

Wed Jun 21, 2017, 08:24 PM

Jun 2017

mrmpa

(4,033 posts)

4. He's never had one before....eom

Reply to we can do it (Reply #2)

Wed Jun 21, 2017, 08:26 PM

Jun 2017

we can do it

(13,036 posts)

5. There might be credit score or debt to income issues.

Reply to mrmpa (Reply #4)

Wed Jun 21, 2017, 08:31 PM

Jun 2017

pbmus

(13,141 posts)

6. Call Quicken loans...they are good and fast..

Reply to mrmpa (Original post)

Wed Jun 21, 2017, 08:42 PM

Jun 2017

TomSlick

(13,091 posts)

7. Please report back after tomorrow's meeting.

Reply to mrmpa (Original post)

Wed Jun 21, 2017, 08:43 PM

Jun 2017

If the loan is denied, make sure you report why.

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