Any advice for VA loan?
I have relocated to Seattle from Texas for work. I have been employed in my field for over 15 years. My house in TX has not sold.I am a veteran with a service connected diisability. I have my COEI am trying to determine if I can get a $550K VA loan (sales price $580k) on a new primary residence in Seattle.My Residual Income after my TX mortgage pymnt and other recurring debts is still over $7500/mo. I have $100K in liquid assets and more than that in 401Ks. Credit is excellent.WellsFargo says no due to DTI>41% (they also have the note on my existing TX house) and claim residual income is irrelevant to VA underwritingCan I qualify on residual income basis?Any recommendations for alternate sources who might underwrite me? by bigjasonj from Seattle, Washington. Jun 17th 2011
Chris Gummerson (cgummerson11)
#397 ranked lender in California - 648 contributions
You will probably get a lender or two on this site who can help you with the VA. If you go with a direct lender, not a large bank, you might have better luck on getting approved. If you dont get in contact with a VA lender here, call your local lenders in your area who specialize in VA loans.
Dennis Tyler (thetylerteam@cobaltmortgage.com)
#27 ranked lender in Washington - 2 contributions
Jason, I certainly wouldn't throw in the towell yet. We'll need more information, but it is possible. Please contact me at 425.988.2560. Dennis
Michael DeMorato (mdemorato)
#10 ranked lender in Washington - 1 contribution
As a disabled veteran myself I specialize in VA loans. After reading what you wrote it is very possible that you can qualify for a VA loan. We do not have a 41% DTI limit. Our limit can be greater than 41% depending on other factors, and it sounds like there are several good compensating factors. You can call me at (253)249-2882. My name is Michael DeMorato and I am the Branch Manager.
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