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Our lease is up in August and trying to decide if we buy or rent again.
Had some high balances that we have been paying down.
Currently sitting on about $46k in CC, $1200 month in payment
Car loan is $14k at $432, been paying $500 and over a month ahead on that
Monthly income $13300
8 years same company, 15 company before that
FICO 8 672 / 666 / 662
Mortgage 650 / 657 / 625
One 7 year old Charge off CC (1099'd me in 2013) - No lates since 2011
2010 Forclosure but fully paid, have had a VA loan since then (2015-2016) but reloacted for work
DTI pre-mortgage 13%
Want to look in the $250k - $300k range. VA Loan, Zero down, I collect VA Pension so no funding fees
Worth it to try for approval now or lease another year and continue paying down?
You are fine....$1,200.00 a month for CC payments only sounds high if your not making $160,000.00 a year...
Your DTI ratios are great.....If buying is cheaper than paying rent, I say buy now!
PM me if you have any other questions.
@Ski66 wrote:Our lease is up in August and trying to decide if we buy or rent again.
Had some high balances that we have been paying down.
Currently sitting on about $46k in CC, $1200 month in payment
Car loan is $14k at $432, been paying $500 and over a month ahead on that
Monthly income $13300
8 years same company, 15 company before that
FICO 8 672 / 666 / 662
Mortgage 650 / 657 / 625
One 7 year old Charge off CC (1099'd me in 2013) - No lates since 2011
2010 Forclosure but fully paid, have had a VA loan since then (2015-2016) but reloacted for work
DTI pre-mortgage 13%
Want to look in the $250k - $300k range. VA Loan, Zero down, I collect VA Pension so no funding fees
Worth it to try for approval now or lease another year and continue paying down?
Hi Ski66,
You should try now for a pre-approval.
A couple of quick questions that can have an impact on how much you qualify for.
1) How are you paid, base salary, commission, commission plus base?
2) Do you itemize on your tax returns or do you take the standard deductions? If you itemize, we would have to use your adjusted gross income unless you have things like mileage or depreciation deductions that we can add back.
3) What state are you buying in, property taxes can add $350 - $875 per month to your payment which effects the debt to income ratios.
4) Do you have full entitlement available or will this be a second tier/bonus entitlement situation?
Feel free to PM me for help or if you have any questions.
I'm in the VA loan process now. My DTI numbers are worse than yours and I was approved for ~$320k at 4.125% for 30 year fixed.
I don't have negatives on my credit report. Pre-mortgage DTI is 25% and with mortgage it is 45%. I'm active duty though so a lot of my income isn't taxed. My broker has said absolutely nothing about DTI being a problem.
We made an offer on a place for ~$260k so spending less than we were approved for. Hope that helps.
@VALoanMaster wrote:
@Ski66 wrote:Our lease is up in August and trying to decide if we buy or rent again.
Had some high balances that we have been paying down.
Currently sitting on about $46k in CC, $1200 month in payment
Car loan is $14k at $432, been paying $500 and over a month ahead on that
Monthly income $13300
8 years same company, 15 company before that
FICO 8 672 / 666 / 662
Mortgage 650 / 657 / 625
One 7 year old Charge off CC (1099'd me in 2013) - No lates since 2011
2010 Forclosure but fully paid, have had a VA loan since then (2015-2016) but reloacted for work
DTI pre-mortgage 13%
Want to look in the $250k - $300k range. VA Loan, Zero down, I collect VA Pension so no funding fees
Worth it to try for approval now or lease another year and continue paying down?
Hi Ski66,
You should try now for a pre-approval.
A couple of quick questions that can have an impact on how much you qualify for.
1) How are you paid, base salary, commission, commission plus base?
2) Do you itemize on your tax returns or do you take the standard deductions? If you itemize, we would have to use your adjusted gross income unless you have things like mileage or depreciation deductions that we can add back.
3) What state are you buying in, property taxes can add $350 - $875 per month to your payment which effects the debt to income ratios.
4) Do you have full entitlement available or will this be a second tier/bonus entitlement situation?
Feel free to PM me for help or if you have any questions.
I applied at NFCU and PenFed. Had my previous VA loan at NFCU.
PenFed sent me a Pre-qual for the $300k I asked for. Followed up with an email telling me an LO would contact me in two days and have docs ready for them.
NFCU sent me some crazy $800k pre-qual (odd for a VA loan), then followed up with a request to upload financials, which I did. Another note last night saying they would call today and I saw they charged my card for a credit pull at lunch.
1) How are you paid, base salary, commission, commission plus base? Salary + Yearly bonus
2) Do you itemize on your tax returns or do you take the standard deductions? If you itemize, we would have to use your adjusted gross income unless you have things like mileage or depreciation deductions that we can add back. Standard Deduction
3) What state are you buying in, property taxes can add $350 - $875 per month to your payment which effects the debt to income ratios. Ohio / Kentucky (Cincinnati metro) , and I would personally never buy a house with $10k+ yearly taxes $2-$5k taxes in my market
4) Do you have full entitlement available or will this be a second tier/bonus entitlement situation? Full enetilement, Have COE
I applied at NFCU and PenFed. Had my previous VA loan at NFCU.
PenFed sent me a Pre-qual for the $300k I asked for. Followed up with an email telling me an LO would contact me in two days and have docs ready for them.
NFCU sent me some crazy $800k pre-qual (odd for a VA loan), then followed up with a request to upload financials, which I did. Another note last night saying they would call today and I saw they charged my card for a credit pull at lunch.
The VA has no Loan limits, and with your income I can see you qualifing for an $800K loan, depending on the property taxes...
You may not need that much or want that much of a loan, but knowing how high you can go is always helpful.
Thanks,
Great question! First thank you for your service. You appear to be in a perfect position to take advantage of your VA Entitlement. Especially not having to pay the VA Funding Fee. When I purchased my home the VAFF was over $10K. Ouch!
You have a couple of factors working against you. First is rising interest rates. Most suspect we'll have another hike in June and possibly again later on in the year. Every time the rate increases, you know what that means. Higher payment and shrinking buying power.
Next, home prices are going up! Inventory is low in most parts of the country and we're heading into the busy time of the year...Summer. You Sir, should seriously consider getting the ball rolling.
I have been doing VA loans for 30 years and it would be my pleasure to take care of a fellow Vet. As a VA Direct Lender, we offer many options. In addition, we have a true W2 only program for Vets which streamlines the process, so we don’t have to wait for tax returns to post.
I am licensed in 25 states. Please feel free to PM me. Best wishes!