Take your GROSS monthly income, cut it in half. (50% debt to income ratio)
Subtract the 1,000 child support.
Take the remainder and multiply it by .8 (to take out taxes and insurance)
This number is approximately what you qualify for monthly for the mortgage solely...
The easiest way to go at this point is to take this final number and divide it by 6.
The number you get is the number you will (very loosely) qualify for in thousands at 6%.
So, for example
10K per month x.5 = 5,000
5,000 minus 1000 child support is 4,000
4,000 times .8 = 3200
3200 divided by 6 is 533.
this person would qualify for 533,000 at 6%. Rates are more like 4.5%, so that probably means closer to 600,000 dollars
Again, VERY loosely. I wanted to give you some substance, instead of just saying "call me".
But it really isnt that simple, so call me... JK... Good luck!
I can send you some lenders I use for VA loans if you like, that way you can call more than one or two. They take 30 days to close, which can be a big advantage if you find yourself competing with other offers. I've also had offers accepted using a local lender here in San Diego, who've been around for decades. They have a great reputation with agents, and can close a loan quickly.
The main hurdle seems to be the $1,000 a month in child support, and I like that Daniel did the basic formula for you. But add any other monthly expenses you have too. And, when you go to get pre-approved, get as fully pre-approved as you can, with all the paperwork submitted up front. This way, there will be no surprises as far as you go in escrow.
I can send you some listings if you'd like, for houses, condos or both. You can start searching by a monthly payment you're comfortable with, then tweak the search when you've spoken to a lender and know your approval amount.
The best way to find out is to speak to a loan officer who can evaluate your credit and income. this website links to a lender that I use quite a bit and he does a great job. He can get you pre-approved so you will know exactly what you qualify for in this market. http://www.calcreativeloans.com
You can also use my website to help you look for homes.
The San Diego Property Shop
CA DRE #00648687
Vintage Mortgage Group
760-282-4415 Direct CA
425-241-1922 Direct WA
Follow my blog â€“ http://www.billprovost.com or http://www.homeloanpartner.com
NMLS # - 101876
CA DRE License # 01867503
WA DFI License# MLO-101876
You've got some excellent things going for you! The key is going to be your income. Please email me directly and we can discuss this in detail.