Real Estate Home Mortgages/Va loan...
Hi, I had a question that i would really appericate some insight on.
Back in the 80's our first VA loan, myself and my husband who is a Vietnam vet was making about 1200 a month, borrowed about 50k through the VA to buy our first house, we put about 15k down, since then, that has been paid off.
We are now looking to move to Nevada, cost of living is cheaper and the property taxes are really low plus no income tax, for retirement. My husband is planning on retiring at 65, which will be august of next year. He will be bringing in about 2k a month, five months after his 65th birthday, i will be 62, and i will collect on his retirement, which will hike our monthly income to about 2600 a month. My question is, we were hoping to move right after his 65th birthday, we live in Maine currently, and the winters are long! But, will what we can borrow be subjective to what we will have each month at that time, and not being taken into account that in the next 5 months we will be pulling in nearly 2600 a month? We are looking for 150-170k
Also, we spoke with someone that told us we can " buy into the VA" to lower the rate? Is this a good idea and is it helpful really with monthly payments?
Thank you so much for your time and help!
What you make at the time will be used. Income verification is heavily scrutinized these days for fear of the govt regulations.
Maybe you can get into a 'lease to own' situation.
'buy into the va' is not a mortgage term. What someone told you sounds like 'buying points'. Buying points is considered prepaying interest to lower your payment over time. It is a good long term proposition, and always a bad idea for a short term loan. Buying points is good for someone who will stay in the loan a long time.
Quite simple: Have your loan officer set your deal up both ways(with and without points).... Compare.
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