My dilemma

[Lisa P.]

Figures... Nothing to help you,only to hurt you.. I could use a little bump up in my credit and this would have been nice.

Write them a letter, asking them to report your good payment record to the credit bureaus. Often, lenders (even medical payment plans) will do this as a courtesy, if you want them to.

 

[walkerfamily]

Thanks to all of your replys!

Even with DVC (including the annual membership payment) our debt to income ratio is way below 35%. So maybe this will not be as much of an issue as I thought.

 

[LIFERBABE]

LIFERBABE,
Ok not to get totally off subject here, but as long as you sell the first house and the loan paid in full with the V.A. certificate, isn't your eligibility restored in that instance? From everything I've read that is how I am interpreting it. (I hope so, because we plan on using it again once we sell our home, which was only to be our first starter home).

Yes Heather, that is exactly how it works.

Being military at the time, I wanted the flexibility of not tying my benefit to a starter home. I was not sure if I would stay in or leave the military and I could rent and still purchase a new home without paying the loan off. I had many friends that used their benefit to purchase homes and then they got tied up in divorce, inability to sell, foreclosure, etc.
I wasn't married at the time so that was also a big consideration to save my certificate to qualify for more home with 2 incomes.

VA also adds extra time to the process and my seller was basically giving the house away to move closer to his new wife's work and I didnt want to slow the process as they were really working with us. I have my certificate tucked safely away for my dream house.

I wonder if BCV qualifies for a VA Loan! I would use my certificate there in a heartbeat! Just kidding, as we already know the answer to that one.

After careful consideration, we have decided that less house equals more vacations and we really like to travel so we remodeled our home which is in a great neighborhood and we will stay put for a while.

 

[jcodespoti]

IF you want my $0.02 worth the first thing you should do is sit down woth a financial planner. Go to the pro's to see if DVC is a good decision as far as money wise. Tell them everthing about yourself. Then sit down with a mortgage broker/specalist, there are so many differernt types of loans out there you might find one that works well with DVC.

If you sign the loan application and do not disclose all debt you are committing Bank Fraud which is a federal crime

I'm not sure about that it may depend on the program you sign up for and vary from state to state


Joe in CT

 

[LIFERBABE]

Heather,

Dont know if you are on/close to base or not, but to be on the safe side, it wouldn't hurt to pre-qualify for a mortgage at your local credit union so that a banking professional can tell you exactly where you stand and what they consider.

Also if you plan on using VA, call them as they are very helpful also. Maybe attend a first time homebuyer seminar so you can stay on track to your ultimate goal of owning a home.
Even if a home is years away, the choices you make today can affect that purchase so it's best to get that info first.
This way if you decide to purchase DVC in the near future, you will know that as long as your finances stay the same or improve, you can buy a home.
The base credit unions were always very helpful to me when I was considering making major purchases.
Hope this helps!

 

[disneycrazed139]

If you sign the loan application and do not disclose all debt you are committing Bank Fraud which is a federal crime

I have been "convicted" on these boards more than once. I am getting used to it!