Income Needed For 300k Mortgage Va Loan

Va disability income is often counted as well.

Income needed for 300k mortgage va loan. My office is located in chandler san tan 202 and cooper road if you want to schedule a time that would be great david kester602 628 6500sales manageracademy mortgage. Wondering how to qualify for a va loan. A va lender cannot fund your loan until they know you are eligible as that is the only way the lender will receive the va guarantee should you default on your loan. The following table shows the required income needed to have a 28 dti front end ratio on a home purchase with 20 down for various home values.

Every member of the military that wants to use their va home loan benefit will need form dd214. Example required income levels at various home loan amounts. The va is pretty laid back about a lot of things. So to calculate if you have the required income for a mortgage the lender takes your projected monthly mortgage payment adds to it your minimum monthly payments for credit cards and any other loans plus legal obligations like child support or alimony and compares it to your monthly income.

The figures above are based upon va s debt to income ratio which is a ratio of total monthly debt payments housing expense installment debts and so on to gross monthly income. But things get strict when it comes to the residual income you need if you want to satisfy va loan requirements. Check your residual income or the va will check it for you. Temporary limited income however is rarely acceptable as a form of income for loan documentation purposes.

With a va loan you won t need a down payment or mortgage insurance for example. Military income is generally accepted and can be most easily documented with your leave and earning statements. Property taxes are 3 000 per year and homeowners insurance is 1 500 per year. Va loans do have a.

Regardless if you make 500 000 per year or 50 000 per year va lenders underwrite your loan in the exact same manner as it addresses debt to income ratios and affordability. The loan amount is 300 000 the loan is a 20 year fixed rate loan at 3 00 percent.