Comments on: Z3 Case Studies

By: Angie Williams

Angie Williams — Thu, 27 May 2010 01:55:19 +0000

VA loan.. but again .. you need the 620. You could look at USDA but that limits them to only houses which fall within the USDA map. You can use the transcripts from the education to fill the work history gap. Again, it comes down to reasonable and expected continuation of income. It may be best to counsel them for 6 to 12 months and prepare them for the responsibilites of home ownership!!

By: Bryce Zimmerman

Bryce Zimmerman — Sat, 22 May 2010 01:29:35 +0000

We are assuming they have little or no down payment. They would definately want to use Her VA, again assuming they are married. Short term work history is expected after college as that is typically considered work history. VA doesn’t have a min. credit score requirement but industry wide most investors are wanting a 620 so they may be a little premature in being able to purchase a home. Best not to rush young couple as being prepaired for this type of responsibility is vital.

By: Elisa Wu

Elisa Wu — Sun, 28 Feb 2010 22:10:57 +0000

Definitely a VA loan for this case. They don’t have enough cash and saving, the credit score is not high enough for other possibilities.
However, they should save more money before to get VA loan, so that their life would be easier.

By: Daniel Mulvehill

Daniel Mulvehill — Fri, 26 Feb 2010 23:31:11 +0000

If they have the passion to buy now while the market is soft definately attempt a VA loan to leverage there down payment, but if they want to assure themselves of acquiring a home get the income stable within the household work on there credit issues team up and have the passion to know why waiting maybe positive than negative and eventually they will be Homeowners.

By: Kimberly Peterson

Kimberly Peterson — Thu, 31 Dec 2009 20:31:26 +0000

Definately a VA loan for them. Since they do not have credit score requirements this should work for them,.

By: Karen Tuff

Karen Tuff — Thu, 31 Dec 2009 09:38:23 +0000

I would recommend they wait until they have solid and secure job strategies. Even if they qualify for a VA loan the instability of the job situation could result in a reversal of fortune and leave them in a precarious situation.

By: Harold Burton

Harold Burton — Thu, 31 Dec 2009 06:39:19 +0000

VA is a good option under there current situation. I would suggest that they wait to purchase until there job situation becomes stable. A couple of years on the same job for both would be good.

Until gets a handle on her finances lets wait on the new home purchase. Payday loans is a major red flag as far as financial stabiliy is concerned.

I want them to be long term clients. Some buyer education classes. Consumer education and credit management would go a long way in making this couple life long clients.

By: Kelly Fiscus

Kelly Fiscus — Wed, 30 Dec 2009 23:43:47 +0000

Again both people need to put more time in at their jobs. They need to have a stable work history and income. She needs to STOP using pay day lenders, get a budget and clean up her credit. All of this will put them in a much better position to purchase a home with affordable payments

By: Chris Yanke

Chris Yanke — Wed, 30 Dec 2009 23:40:34 +0000

Right now it’s hard to see a benefit for immediate home ownership. This scenario requires a stable job history for Kip and Pedro will need to also start developing his income horizon. Any home loan program right now would not benefit them but only put them into a situation where they would be at risk of struggling and that stress could lead to greater problems. I would like to see stable job for Kip and another 12 months for Pedro at the same job.

By: Kelly Fiscus

Kelly Fiscus — Wed, 30 Dec 2009 21:02:07 +0000

I think they need to wait and establish themselves better. Both are new on the job and one has weak credit. Much better to wait and have a better work history and some cash reserves.

By: Arash Fiuzi

Arash Fiuzi — Wed, 30 Dec 2009 09:44:03 +0000

Its one thing to get a loan approved and closed and one entirely different to pay the loan back. Given the questionable credit and income, I would say these folks should look to buy a home with in 12 months once she finds a job in her field and he has more time on the job.

By: James Haechler

James Haechler — Wed, 30 Dec 2009 04:41:42 +0000

I can’t see them qualifing under these conditions. I would recommend that they wait until they both have estabilished themselves in carrier jobs and don’t need to use payday loans. I would recommend that they establish credit and improve there credit scores. Va would be an option for them down the line for first time home buyers. Credit scores not as much an issue as income on VA loans.

By: Jason Brock

Jason Brock — Wed, 30 Dec 2009 00:48:43 +0000

I would advise them to not buy a home right now. I would ask them to prepare a monthly budget of bills, timeline for paying those bills, short term goals, long term goals, and then we would chat about how best to start saving so that they have a retirement account. She does not even have a consistent job yet thus no way to repay the loan.

By: Jerrod Goode

Jerrod Goode — Tue, 29 Dec 2009 02:17:00 +0000

The VA loan product would be a good fit, they really need to focus on finding solid jobs for both. If not they should really be educated on what they can afford.

By: Launce Macomber

Launce Macomber — Mon, 21 Dec 2009 19:18:28 +0000

It seems to me that it would be safer for these folks if they were to hold off until both their employment and financial situations were stabilized. Kip’s VA elligibility won’t disappear and they may find work opportunities far from where they now reside. Especially given the fact that neither is currently working in the field for which they training or experience.

By: Jan Mundt (Henriksen)

Jan Mundt (Henriksen) — Sun, 20 Dec 2009 09:33:27 +0000

Pedro & Kip are not in a financial position to be purchasing a home, especially with no down payment. Questionable job stability coupled with poor credit are major risks. Although VA has no credit score requirement, there are investor overlays which would prevent them from obtaining a loan. Pedro just finished college and working in an unrelated field for a short time and Kip only working part time for 3 months. It appears, Pedro & Kip secured employment in hopes to qualify for homeownership. This married couple needs to find employment within their field of education, provide a budget so they no longer depend on high interest pay day loans and credit repair prior to obtaining a VA loan.

By: richard martin

richard martin — Fri, 11 Dec 2009 17:37:03 +0000

Kip is a veteran Pedro is not, It looks like a VA loan is by far the best way to go as long as they can manage it. would it be better if they were to wait a while till Kip had a little more work time behind her.

By: Ken Ritter

Ken Ritter — Fri, 11 Dec 2009 01:02:04 +0000

Definitely a VA loan would be the way to go based on their requirements and the couples situation.

By: Teresa Gallaher

Teresa Gallaher — Fri, 04 Dec 2009 21:23:44 +0000

The VA loan should be a good option for them as the VA does not have a minimum credit score requirement. They will however need to qualify for the payment and all their debts can’t exceed 43% if their gross income. They can however get in with little to no money down.