Are you a Veteran who needs to qualify for a larger mortgage?
This could be you….
I had a realtor ask for my help. She had been showing a veteran homes for 3 months in the $118,000 price range This was based on the preapproval obtained from a local lender. The problem was nothing worked for him in that price range. He was single and paying $1200 a month for rent. The big difference is what he felt he could afford and what he was qualified for with the local lender.
He received $2200 per month in disability income. He had excellent credit.
With us we were able to approve him for $220,000 on a single family home. Now he didn't buy a $220,000 home but he did buy a $185,000 home. The thing is—not all lenders qualify veterans the same--especially on VA Home Loans--so a second opinion can make a real difference for a veteran.
The difference is we do NOT always have to use a maximum back ratio on VA loans. We can use a more liberal approach because the VA allows it but is not often used by other lenders.
Here is a quick chart for single disabled veteran with no debt and approximately what they qualify for under this program.
$2200 monthly income = $220,000
$2300 monthly income = $249,000
$2400 monthly income = $270,000