Hey all, its been a while since I've posted, last time with any regularity was while I was deployed. Everyone has been such a help, I came back seeking more guidance! Below is my information from the post by Shane regarding info needed for assistance, so if anyone can provide insight it would be greatly appreciated. I am happy to answer any additional questions that help provide insight to my situation. I'm basically torn between applying for a pre-approval now, or waiting to pay down my CCs. If I could be approved for a mortgage in the range I'm considering as I stand, I would go ahead and move forward.
When I spoke with a few loan officers they had all given me pretty much the same amount for pre-approval. I make roughly $55k/year salary, $450/month car payment and $9 in debt on credit cards. I was pre-approved for $190k since my debt to income ratio was so low. You could speak to a loan officer and give him or her all of your numbers. They should easily be able to tell you if you would qualify and for how much without running your credit.
Also, I know VA loans are different than FHA but I have had to have extra money for things I did not even factor when initially looking (attorney/inspection/etc). Not sure if VA requires these, but figured I would throw that out there
If you can wait,I would say pay debt down first, save up reserves and then find your dream home.
Good luck to you!!
This is good to know, you can also use a home mortgage calculator, there's plenty of them online.
Im actually in the same boat, I will be ready to apply in the next month and a half from now, only thing is 3 of the lenders that I've talked to told me that they can't give me an estimate, that I would have to apply first, which is BS.
Question to you blackhawk, I used your income and debts on a mortgage calculator, and it was almost on the money as far as what you was approved for, the only fields I didn't know wasknow much was the property taxes, downpayment and homeowners insurance of the home.
I used http://cgi.money.cnn.com/tools/houseafford/houseafford.html so if you can use the same calculator and get back to me that'll be great, I'm just trying to see how close I am to your numbers.