How much house will I qualify for???

[Anonymous]

Hello all,

Just a question about how much house I can afford (or not). I am in school part time and this year, I have had to take a paycut for a total of 5 months to do an unpaid internship. Last years taxes had my annual income around $33K, but with the paycut I gross $2100 per month. I'm only collecting VA benefits ($990) for the next three months or so, it doesnt count toward my income. This was great news for the time that I'm having to take the paycut at work, but that income doesnt count. My question is, will this blip in my income affect how much house I can qualify for? Or will they base it from my last years taxes? I am applying for USDA by the way....

Any advice would be helpful...

[Anonymous]

If you can get a letter from your employer stating that your wage reduction is only temporary and that you will return to your $2750 per month salary then you should be fine. It's hard to tell how much you will qualify for without looking at your other debts but I would say between $110K and $140K based on how much you are likely to make this year.