Lenders go by paystubs and even if you waited for 2013 tax returns to be filed, income to be counted must be continuous. Your bonus for reenlisting would not qualify.
I do remember answering a question very similar to this which I believe was from you before. A couple things to keep in mind; the VA itself does not really have a max debt to income ratio, I have had loans approved with a debt to income ratio of 65% and I have had loans denied with debt to income ratios of 45%. It all depends heavily on the overall situation and what the automated underwriting findings come back with. With that said, only your pay stub income will be used as your bonuses are not consistent and therefore likely to continue. Based off the info provided, a realistic maximum payment for your income would be around $1500. Based off a $200k purchase price, this payment is definitely obtainable. Principal and interest on a $200k loan would only be around $800-$900 and then you add your tax and insurance and that should not be over $600-$700/mo.
I would be happy to assist you further with your finances. Feel free to call me at any time.
Joshua Lerette â€“ Sr. Loan Officer
Residential Finance Corporation
First of all thank you for serving our country!
I work with Veterans like yourself helping them find great homes that are VA approved.
Please contact me at 561 577 6079 so we can start your VA mortgage approval process right away.
561 577 6079