VA Loan help

[Anonymous]

Can I please get someones opinion on this. Me and my wife got preapproved for a VA loan through wells fargo. We found a house we like and the sellers accepted our offer. We did not think we would get approved for this much. I make 3900 a month. That is our only income. Our car payment is $521 a month. We haev a credit card balance of over $4000 and abest buy card over $1000. We got preapproved for $172,000. Is something not right here. I dont want to go and pay for the inspection and appraisal and then get denied because of something financial and waste that money. Thnak for any input

[DallasLoanGuy]

How much are the property taxes? That will affect approval amount.

that approval amount looks high to me.

[Anonymous]

$721 a year

[ShanetheMortgageMan]

Well those are cheap property taxes.  Is your income taxable or non-taxable (like social security or VA benefits)?  Non-taxable income can be grossed up by 125% for quailfying purposes.

Even without grossing any income up, if you have good credit scores or some reserves, your debt to income ratio could qualify for the $172k sales price if the property taxes are only ~$720/year and you have about $720/mo in payments (car + credit cards).

[Anonymous]

My credit scores are in the high 600's-low 700's. Is there any chance they wells fargo will say we have to pay some off before we can close. The sellers accepted our offer. Is there anything to look out for that can go wrong and mess up the financing besides going out and getting a new credit card.

[ShanetheMortgageMan]

Don't open up any new credit card accounts, continuing saving, and you should be fine.