11-16-2009, 05:59 PM
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First time buyer-- questions about...
...mortgage lender? We were going to use the VA Loan. Spoke to Wells Fargo and they pre-approved us for a VERY low amount b/c our income is low... Would it make a difference if I used USAA instead? They wanted $50 deposit to run our reports where as Wells was free... I asked USAA if I should bother and they said that the amount we get approved for is decided by the VA not the lender. So would it not make even a little bit of a difference? Do I have any other options using a different loan? we have hardly any liquid cash...
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11-16-2009, 06:01 PM
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A different lender will likely give you an even lower amount. VA allows much higher debt ratios than other lenders, I think 41% of gross income can go towards housing with VA. No other lender will give you that much.
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11-16-2009, 07:49 PM
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VA is the best loan if you don't have enough cash. They require about 3% down and you can waive it if you are a disable veteran. The banks are only there to give you a loan and it doesn't really matter which bank you go to, but check their APR.
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