1) To get a Principle & Interest payment of $2,300 you would be looking at a loan amount of $428,448 plus a VA funding fee of 3.3% (will only be this high if you've used it before) & an interest rate of 4.75%! That's too high for a VA mortgage. Well even if it is high it may not be high for someone with past credit issues such as ourselves. Never used VA loan will be first time home buyer but with low score and past recent but not in the past 12 months (at time of app)credit issues.
2) For a purchase price of 428K, the taxes & insurance look a little low but the depends on the area you're buying. What state/county are you looking in?
We are not actively looking however we are researching because we want to try in a year. state of TX Collin
3) Unless the area you're buying in is a high cost area the VA loan limit is $424,100. This means anything over 424K will require some money down. The good news is it will only be 25% of the difference. For example. If you go with a purchase price of 430K you would need a down payment of $1,475.00.
We are not looking at nor do we think we would qualify for 424k. the price range is around 350k
4) You should set the amount for your mortgage payment based on what you're comfortable with, not what a lender says you're qualified for. Here's what I mean. I've had clients get approved with debt ratios as high as 74% which is insane. That means 74% of their gross monthly income is going towards the debts!
Not looking for what they say we are qualified for as a goal curious as the number/figure we already know that we will be shooting around 350k and the post was just out of curiousty if 7k of income listed would allow us to get into a home around the 350k range.
5) You might qualify for more depending on whether or not we can get an approval through an Automated Underwriting System (AUS) & how much residual income you have.
When we apply I will have been at my job for 1yr plus and he is a vet.
Yoiu should talk to a mortgage banker who specializes in VA loans.
