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Veteran Seeking First Home Purchase

by Patty G.
(Fredericksburg, TX)

Hello, my name is Patricia G. I am very impressed with your website and your intelligence. Your willingness to educate and help home buyers is awesome.

My husband and I are wanting to buy a home with a little bit of land, perhaps 1-5 acres. Our credit scores are poor. He is a Marine veteran. I'm not sure whether to go the VA route or the Section 502 route. Which would you recommend?

We are currently living in a small town in a one bedroom apartment with two dogs in Texas. We are constantly stepping on the dogs and just don't have enough space to move around. We love dogs and would like to get one if not two more, thus the reason for the land.

I had to file bankruptcy in 2010 and I had a voluntary auto repo just last month. I am unable to work full time (pending disability case) and part time pay was not enough to make my car payment.

My husband has a collection account for an unpaid title loan he took out a few years ago. His credit score (580) is lower than mine (611).

We also have a broken lease in our past due to the loss of my job and not being able to afford $800/mo rent. Currently we are paying $679 and it is manageable. Our current lease is up in November. Are we looking too soon?

The area we are looking at to buy is 3 hours away from us. In the Killeen/Waco/Temple area This makes it difficult to attend open houses, etc.

Again, thank you for creating this website and offering your knowledge to those who are willing to learn more about home ownership. I look forward to hearing back from you soon.

Thank you,
Patricia G.

=====ANSWERS=====

Hello Patricia,

Thank you the kind words about my website. It has been up since spring of 2005 helping people much like yourself.

I would also like to thank you for sharing enough details to help me give you a good answer.

I can see that you're doing your homework and that's great! Since the purchase of a home is normally the single biggest purchase many of us make, it's important to know our options.

Based on the information you shared, you may find it difficult to get a home loan right now. Your credit scores are below the minimum scores required by VA (min 620) and Section 502 (min 640).

I know this is not what you want to hear, but I would go to work on getting your credit cleaned up and perhaps within 6 months to a year you will be in a better position to purchase a home.

When you get to this point, I would look seriously at the VA Home Loan since it has a zero down payment and rather attractive interest rates at this time.

Sorry I cannot share better news, lenders have become more credit score driven than in the past. This is a protection to you really.

No sense buying a house and then giving it back to the bank later because some slick loan officer got you into a loan that adjusts and your interest rates go up.

That is what caused the mortgage meltdown in 2008.

I wish you the best and please feel free to share our website with others or ask any other questions you may have.

Kind Regards,

Jeff Ragan


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