VA Loan Question

[Crossdivided]

Hello, all. I usually spend my time in the "bad boys" section (rebuilding credit), but one of my goals is home ownership, and want to clarify something. Ive attempted to research this myself, but I keep coming up with "nahhhh couldnt be THAT easy".

First off, I am a long way from the below situation, just want to make sure its accurate when I DO get there. If im understanding correctly, all i really have to do to qualify for a VA mortgage is the following:

-pay off all CAs, COs that are not minor in nature (theyll be 100% pd by then anyway)

-not be delinquent in any state or federal debt (ie tax liens released, defaulted student loans consolidated...both in the works)

-not have any lates in the last 12 months

-meet DTI threshold

   -DTI as follows: income 2999.00/mo (100% VA Compensation perm/total sc). Recurring payments (per EQ): 65/25/93/21= 204/mo. DTI= 6.8%

And thats it? Pay off the baddies and dont be dumb for 12 months? I must be missing something. Please advise.

[ShanetheMortgageMan]

Sounds like a pretty good plan.

If your income is VA disability income, since it's non taxable it can be grossed up by 25% for qualification purposes... i.e. $1,000 of VA disability income = $1,250/mo quailfying income on paper.

Also remember the new mortgage payment will be included in your DTI as well.