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How much can i get funded on a VA loan?

i'm in Texas in Waco but I'll likely be moving to El paso. What's most I could get on a VA mortgage with my fico 713 and 88k per years including my wife's salary? we don't know what her credit is but i'd be surpruised if below 700. i am the one who is VA by liam86welsh897980 from Waco, Texas. Oct 13th 2014 Reply


Cody Velkovich (Cody_NRL)
#169 ranked lender in Texas - 89 contributions

Liam, there are going to be many more questions to clarify before a Lender could give you an idea of what you could qualify for. First, it's going to depend on the amount of your monthly debts as listed on your credit report. It's also going to depend on the tax rate for the home that you're looking at, as well as the homeowner's insurance you choose. If you'd like to get pre-approved, you can email me at cody.velkovich@nrlmortgage.com and I can help you get started.

Oct 13th 2014
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Louis Balady (lbalady@townsquarefinancial.com)
#111 ranked lender in Texas - 9 contributions

I can help you out just give me a call at 214-722-2650 or email lbalady@townsquarefinancial.com. I will only need 5 minutes to get all of your questions answered and run through some numbers with you. Louis Balady

Oct 13th 2014
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John Burke (jburke)
#34 ranked lender in Texas - 187 contributions

Hi Liam86welsh, Thank you for your service. How much you qualify for will depend on your debt to income ratios. Basic rule is your ratios should be around 32%/41%. This means your housing payment should be 32% or less of your gross month income or $2,346 ( monthly income of $7,333 X 32%) and the housing payment plus all of your other debts on your credit report = 41% or less. So we take your monthly income of $7,333 X 41% = $3,006. Now we subtract the proposed housing payment from the total, $3,006 - $2,346 = $660. This means you could have monthly payments of $660 for your current debts on your credit. This does not include things like your car insurance or utilities. We can exceed the 32%/41% ratios but this should give you a rough idea. Now lets figure out how much buying power you have. With a monthly payment of $2,346 that would put you in the $300,000 price range with estimates for taxes of $775 per month and insurance of $100 per month. The big question you need to ask yourself is, how much are you comfortable paying each month? | Please feel free to contact me for more information or help. | John Burke | Senior Mortgage Banker | Great Plains National Bank http://www.valoansdoneright.com | (877)228-9069 | Lending in ALL 50 states

Oct 13th 2014
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