VA Eligibility (click here to find out more)
VA qualifying ratios are similar to FHA in that there is a 41% back end ratio (flexible); but is different in that they use a net residual qualifying method. The calculation that is used subtracts out several things from your gross monthly income such as Federal and State income tax, child care expenses, total new house payment (PITI), average estimated utilities and home maintenance costs based on the square footage of the home and region.
*keep
in mind that this is the guideline, but many times VA guidelines can
be somewhat more flexible if other compensating factors are in place*
Click on the calculator below to find out what you will qualify for.
Don't forget to:
- Put in accurate Monthly Auto Loan Payment(s)
- Put in all other monthly payments that carry a monthly balance (credit cards, student loans, other consumer accounts) most loans with less than 8 months left will not be usually be counted in the ratios
- Check out the other calculator functions