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About Tom Burris
Expertise
I can answer any question regarding Mortgage loans for Purchase or Refinance. I currently work as a Mortgage Banker in Dallas, TX and have experience as a Mortgage Broker. The favorite part of my job is helping First Time Home Buyers. I also consider myself an expert of Credit and Credit Qualifying for a home loan. Many of my loans are the result of showing clients how to credit qualify for a loan after they were denied in the past. We do FHA, VA, Conventional & Subprime Financing. I have extensive experience in Investor Loans as well. I will NOT answer questions about 'getting around guidelines', ect. Or if I sense that you are trying to call your 'investment' property a primary residence, I will reject the question. I will ALWAYS err on the side of caution if I sense that the question is fraudulent in nature.

Experience
4 years experience as a Mortgage Broker and as a Mortgage Banker

Education/Credentials
Mortgage Professionals in Texas are required to take many ethics courses and other industry training to satisfy State mandated continuing education requirements.
Site Owner of DallasLoanGuy.com which has lots of free mortgage info for the First Time Homebuyer and Veteran Homebuyer as well.

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Real Estate Home Mortgages - VA Loan

Expert: Tom Burris - 9/2/2009

Question
Sir:

I am in the Army and would like to buy a property where I am stationed near FT Polk, Louisiana. I married my wife, a nurse in Phoenix, AZ, about 4 months ago.

She is going through a house foreclosure in AZ right now. I tried to get a VA loan but as LA is a community property state I did not qualify. My credit score is around 800, heres 600. I think the main problem is that her debt for house exceeds what my officers pay can match.

Is there anyway I can avoid this and use my VA loan to purchase a home here? When the home is finally foreclosed could I then use my VA loan (Im assuming then she would not have the outstanding mortgage which showed when they pulled her credit report that she was 2 payments behind).

Thank you!:)

Answer
You will have to wait until her pmt is gone.... after foreclosure.
Likely, you will have some explaining to do on the foreclosure though.
Some lenders will likely balk at her credit... especially if she is left with a deficiency balance.

Step 1: Wait until her foreclosure is one.
Step 2: Apply and see how it goes.

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About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here