I am an E3 in the USMC, and I’m looking to buy a new house (single family), I have no debt and around 10k in savings, but navy fed told me that I can only get a loan of around 75k, I have a credit score of 750 and and no history of delinquency or debt default, im confused as to why my loan amount is so low and does anyone know how I can get a VA loan of at least 200k
I want to get a house in somerset, NJ (cuz I read the county matters as well) can anyone please give me advice as to how I can do it.
And my mother wants to be a co-signer on the loan, and I know she can’t get VA loan from it, but she wants to get her own loan and we pool the loan amount to get a house, please give me a good advice as to what route I can take to increase the loan limit (and I don’t mind paying around 3.5k per month for my loan repayment).
Posted by Difficult_Bed_2839
2 Comments
Are you single/married? Do you currently live in Somerset, NJ? If no, then you are not getting approved to purchase a home in Somerset, NJ.
If your mother isn’t elegible for a VA loan herself she cannot cosign (co-borrow).
It’s because NFCU doesn’t want to lend you more than 75k. If you have more income, they might want to lend you more.
For example, if I have no income and no assets, nobody is going to want to lend me money for a house. Regular people are also not getting loans for 10 million dollar homes.