VA Loans: How Much Can I Afford?
Debt to Income Ratio is often referred to as DTI. Your DTI is the percentage of your monthly gross income that goes towards paying debts. For example if your yearly gross income is $36,000 your DTI would be calculated as seen below:
(In order to qualify for a VA Mortgage your lender often requires a debt-to-income ratio of 45%)
Yearly Gross Income = $36,000 / Divided by 12 = $3,000 per month
$3,000 Monthly Income x .45 = $1,350 allowed for debt payments
Contact Intercap Lending today and a VA loan expert will assist you and make it easy and simple to find out how much you may qualify for get you the best rate on your mortgage.