Can I get a VA Home Loan?

For VA financing, OTH discharged applicants do not have VA benefits. You can use FHA which requires 3.5% down, and USDA requires zero down... with your down payment I suggest going FHA... contact a local mortgage broker, not a bank and apply with them... they have access to numerous lenders and can find the right match to your particular scenario...WilliamAcres.com

In order to be eligible for a VA loan, a Veteran must have a Certificate of Eligibility. If you are not able to obtain this due to your discharge status, then you will not be eligible for VA financing. FHA will allow as little as 3.5% Down, and for homes in areas approved by USDA as "Rural", as little as zero down. To find out what you qualify for, my best advice is to contact a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

To be eligible for a VA loan, you must have honorable discharge or general discharge. There are other financing options that you may quailfy for. FHA is a 3.5% or more down payment program, USDA is rural property qualifications with 0% down, conventional has a 3.0% down payment program or more. You can always put more down than the minimums. I suggest that you contact a mortgage broker in your area for assistance. You can find mortgage brokers that belong to the national association and have their national designations in your area on the national association of brokers website at www.namb.org and click on the FIND A NAMB BROKER Tab.

Jacob, you got it great answers now pick one of us to complete your purchase many have years of expierence including myself 25 years originating loans, if you want to save some cash go FHA great rates. We carry all loan types and lend nationwide I can be reached directly at ballen@accessnational.com or 888-354-3299. Good Luck

Unfortunately you will not qualify for a VA mortgage but with your credit and down payment you can easily qualify for conventional mortgage or USDA mortgage. Most of the surrounding communities of Odessa are eligible for the 100% financing USDA program. If you are sure you want to put $30,000 down you should go with a single premium mortgage insurance conventional 30 year fixed program. It does not have monthly mortgage insurance payment like both USDA and FHA and the upfront premium is discounted and would be lower than the USDA option and close to the same as the upfront MIP of the FHA program. Not all lenders offer this program and my company receives a "High Loan Quality" discount that we pass on to our borrowers.

You are not eligible to pursue a VA Guaranteed Home Loan. However, based on the fact that you have 10% down payment and a 730 FICO score you would be best served to pursue an insured conventional loan as the mortgage insurance will be substantially cheaper than on an FHA Insured Home Loan. If you need a great loan officer in Texas, give my good friend John Cannata a call at (214) 728-0449.