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.

 

Get Started with your VA Home Loan

With the lower rates you get on a VA mortgage you will also be able to afford more. For example if you were getting a 5% interest rate on a VA loan you may be able to purchase a $200,000 property whereas with a 6% interest rate on a conventional loan a similar payment would be a $180,000 property. Take a few minutes now and contact the experts at Intercap Lending, and get started right away with no cost or obligation.
Call toll free (888) 643-2133.