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Charles are you familiar with VHAP/VLB?


rcsrodriguez
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Again we have been pre-qualified for an FHA 100k loan. The house we are looking at is 120k (and this amt works just fine in our current budget so we aren't overextending ourselves...)

Both myself and my husband are veterans. I am not sure as we have the 3 charge offs, which I believe total with all accrued fees, etc. close to 20k that we would be able to qualify for a VA loan without settling all of them prior. Reading into this Texas Veterans Housing Program it appears one can carry a "two-note" loan and they work in conjunction with either VA or FHA loans. Are you at all familiar with it?

I believe are scores are between 610 - 620. One charge off is 2 yrs old as of Aug. One is 10mos old and one is only 4mos old. Within the last year our pymt history with our auto note though is completely clear, and we have 3-5 card apiece that are open and have had 0 balances for years with NO late history ever.

As always I appreciate your advice. Thanks!

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Sorry for the delay, but I was not able to take the time to research this until now. I studied the Texas Veterans Housing Program, and you don't need to go with a VA loan if you use this program, as they will lend up to 200K on a purchase.

The rates look like they are subsidised by that program, so I would suggest that you go there. Let me know if they won't give you the loan with the charge offs, and I will try to help you work with the creditors.

Charles

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