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VA Loan Question

My husband and I are wanting to purchase our first home and qualify for the VA loan (he was a Marine). I make $30k a year and have about $35k in student loan debt. My husband makes around $25k a year and is a current student also working a part time job ($8 an hour). 

He has a credit score of 750 and mine is only 635. He has no debt. Around what price range of homes do you think we can afford? We comfortably afforded $1,200 monthly in rent but I know mortgages don't work that way. 

Other factors to consider is my $237 loan car payment (he doesn't have a car payment). Other than that, it is student loans. I am also hoping to get a raise in the next couple months since obtaining my bachelors degree. 

We plan to buy around June this year but I am trying to gage an idea of what we can get approved for. Any help would be appreciated!! Thanks in advance. 
  • March 07 2014 - Versailles
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Answers (5)

Best Answer

Hi, based on what you entered above  - below is an estimate but wont be exact until a lender has your complete credit application:

VA general guidelines : 620 FICO score, no late payments, collections, charge offs in last 12 months. Debt to income = 29% housing and 41% overall (this is conservative)

Income listed above = $4583/month. Debt to income limits would (conservatively) be $1329/mo and overall $1879. (the automated approval may allow higher percentages).

I don't post rates in this forum but you can do some quick searches for market rates and use a basic mortgage calculator to get your monthly payment. Then add taxes and insurance and you have your housing payment. Add actual monthly payments that show up on your credit report to that number and divide by your income and you have your overall percentage.

This is just meant to give you some ideas and guidance only, to get an actual pre approval, reach out to a well reviewed, experienced loan officer and have them run a new credit report and review your income documents and then let you know, based on their automated approval, what your maximum financing will be.
  • March 07 2014
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Brian, there won't be a down payment necessary with the VA loan. We have no other assets. I lease my car and stated my student loan debt and our income. We know to prequalify, I was just hoping for a ballpark estimate since we won't be ready to buy until June of this year. I'm currently paying off $2,600 in a personal loan but it will be paid in full in June which will bring us to no other debt other than my student loans. I also mentioned our credit scores. We pay my car lease of $237. We paid off all other debts after our wedding. Other than that, it's cell phones, car insurance...etc. NO other debt (starting in June) other than $35k in my student loans. I've been with my company for over 3.5 years and he has been with his over a year.
  • March 07 2014
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Unfortunately, we would need more information about your situation. For an accurate estimate you should speak with a lender directly. One of the first steps to buying a home would be to speak with a lender that best fits your situation to get pre-qualified. Then when you do apply for a loan, lenders like myself will need to look at several different things if you are trying to prequalify for a loan. We will need to analyze your assets, credit, expenses, income, debt, employment, down payment, etc. Either way, the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • March 07 2014
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Contact a lender that is listed on Zillow.  The entire situation will need to be looked at and there are several questions that would need to be asked to properly help you.  VA is an awesome loan to use.

Thanks
  • March 07 2014
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You would be best suited to have a conversation with a well versed VA lender to go over this with you as many factors play into your question (property taxes in the area, insurance etc.)  From what you've described you should be fine but as stated best to have a conversation with a lender who has seen the entire picture.


  • March 07 2014
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