How
much house can you afford?
 Please
note that the VA uses two methods for qualification purposes. The
primary method of evaluating a veteran's income is the residual income
method. Under this method, the underwriter determines that a
veteran
has sufficient income to cover day-to-day living expenses after paying
housing expenses, taxes, and other debts such as car payments and
credit card payments. VA also uses a debt-to-income ratio method
like
many programs. However, VA uses only one ratio which is the ratio
of
total debt (both housing and other debt) to income.
Submitting a »VA Loan
Application«
is the best way to see how much you truly qualify for. We will
look at
income (amount and stability), credit and compensating factors involved
when rendering a decision. |
Prequalify for
your VA Loan Now!
Prequalifying Helps You
It is to your advantage
to pre-qualify for your VA mortgage loan before shopping for a home.
This is the first step in your mortgage process. By
prequalifying for a given loan amount, you can comfortably shop for a
home within your price range. In addition, prequalifying for your
VA home loan mortgage can expedite the closing of your VA loan.
Prequalifying for your VA home mortgage lets the agents and
sellers with whom you work know that you are a determined and qualified
buyer. In addition, most sellers favor offers from prequalified buyers
over offers from buyers who have not taken this important step.
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