How do I find out how large of a VA home loan I will qualify for. What is this amount based off of?
junebugbaby83 asked:
Is credit at all a consideration? How long does it take to get a certificate of eligibility?
home loan
Is credit at all a consideration? How long does it take to get a certificate of eligibility?
home loan
home loan
you go to a lap approved VA lender give them your income, tell them your monthly debts and they can calculate it. (I think the VA lenders who can do their own paperwork is called lap approved, that could possibly be the FHA or some other gov loan, but get one oked by the VA, which makes the loan process so much nicer). I think it’s a payment of about 26% of your gross income (before taxes) for the house payment and 41% of total income for all payments including the house payment, or right around those numbers. You should be able to get 0 down. Any short term debt that will be paid off in around 6 months or less they won’t count towards the total debt. There is an interest rate that the VA gives thats been a tad better than conventional lately, hovering around 6% last I looked.
You can use this site to calculate payments on certain amounts at certain % rates.
home loan
The VA uses a single ratio for qualifying. 41% is the maximum debt to income ratio (divided your total payments by your gross income). In order to figure out what the mortgage payment would be, you can use an on-line mortgage calculator to the the principal and interest amount for the home you may be considering. You can finance 100% of the purchase price plue the guarantee fee. They allow 4% seller assistance with closing costs. You would need to add in the monthly property taxes and home owners insurance premiums and all of your other monthly credit obligations.
Credit is an issue, but its not all about scores.
A COE will be obtained on-line, generally, by your lender and it can be obtained immediately upon request.
You could use a factor of $6.5/thousand per month to estimate your payments in a pinch.
I you would like to discuss your situation off-line, you can email me through the link in my profile and I would be happy to discuss your plans.