Home Mortgage Question?
I will be making 61,500 this coming April, and my wife and I are looking to build a new home through Meritage Homes. With annual income of 61,500 and total debt coming out a month at 500.00, 250 for loan at 6.5% and 250 for student loans, can we afford a home at 205,000? I qualify for a VA loan as well.
Answers:
Generally lenders will lend you 2 1/2 times your annual income for a mortgage, smaller quantity any outstanding debt.
2.5 times $61,500 is $153,750.
bud - VA is 100% & there is no PMI. If you have a correct Mortgage Lender VA should not be a hassle. It's all in the loan officer knowing what she is doing.
VA sometimes net you jump thru hoops and a lot of little things that can be a TRUE hassel.. Depending on the Lender that is used. You should qualify without any problem.. Depending on the down stipend. But if you are going on VA, then I assume you will be a little short to craft a big down payment. The PMI insurance is a real affliction in the butt...
Good Luck, and thanks for serving our country within the military
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Answers:
Generally lenders will lend you 2 1/2 times your annual income for a mortgage, smaller quantity any outstanding debt.
2.5 times $61,500 is $153,750.
bud - VA is 100% & there is no PMI. If you have a correct Mortgage Lender VA should not be a hassle. It's all in the loan officer knowing what she is doing.
VA sometimes net you jump thru hoops and a lot of little things that can be a TRUE hassel.. Depending on the Lender that is used. You should qualify without any problem.. Depending on the down stipend. But if you are going on VA, then I assume you will be a little short to craft a big down payment. The PMI insurance is a real affliction in the butt...
Good Luck, and thanks for serving our country within the military
Related Questions:
Looking for private investor to mortgage current home regardless of lousy credit own lots of equity?
I am a single parent who got sick 5-6 years ago and because I was a existing estate agent I was not able to work and my credit go downhill. I have since obtain a exotic profession...