How much can I afford....confused...

[Ditovera]

So I have two sources of income, Salaried W2 and VA disability - tax exempt. I am hoping to get a VA loan 0 down.I am above the 30% service connected which I was told means no PMI?

I am also a recent college graduate working in my field of studies... I have been at my job for 10 months,I am assuming this will mean i dont need 2 years of w2.

Base of $70380/year with a 2% fixed holiday bonus. 

VA tax exempt income is - $17372.51/year. Am I allowed to gross up this income? if so how much can I afford? 

Monthly debt is $1290  2 cars and student loans no credit card debt

Credit per FICO TU-717 EQ- 723

Thank you!

[Anonymous]

VA income will apply.  Short work history, but they'll work with ya on that.

W2+VA income = about 89,000 annually.

Debts and scores look good.

Without running any numbers I'm gonna say about 350K?

Just remember, you have a pretty good file, so they might loan ya more than ya need, check up before you take the bait. LOL.  Calculators told me I was good for about 350k and I said, "RIGHT.  But I don't think so, I gotta other stuff I like to do other than pay on a house."  We bought for a lot less.

[Anonymous]

I'd say that is close to the mark. I had similar numbers with a loan amount in that same ballpark.

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@Anonymous wrote:

Without running any numbers I'm gonna say about 350K?

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[Anonymous]

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@Ditovera wrote:

So I have two sources of income, Salaried W2 and VA disability - tax exempt. I am hoping to get a VA loan 0 down.I am above the 30% service connected which I was told means no PMI?

I am also a recent college graduate working in my field of studies... I have been at my job for 10 months,I am assuming this will mean i dont need 2 years of w2.

Base of $70380/year with a 2% fixed holiday bonus. 

VA tax exempt income is - $17372.51/year. Am I allowed to gross up this income? if so how much can I afford? 

Monthly debt is $1290  2 cars and student loans no credit card debt

Credit per FICO TU-717 EQ- 723

Thank you!

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VA loan = No PMI.

10% or greater service connected disability = No VA Funding Fee.

[Ditovera]

okay, thank you for the reply! 

" VA loan = No PMI.10% or greater     service connected disability = No VA Funding Fee." good deal, didnt know that... 

I am looking for a VA loan familiar realtor/lender around where I live to begin the process soon. 350k is a good ball park number...plan to spend less than that anyways

[Anonymous]

If you're a Navy Federal Credit Union member, or eligible to be one, they've been absolutely fantastic to work with (for me, at least).

Also, for any VA loan, if you're buying an existing home, be sure to look for the Energy Efficiency disclosure. You can get $6000 rolled into your mortgage (at a currently ridiculously low rate) for energy efficiency upgrades; including, but not limited to, windows, heat pumps, water heaters, etc.