Financing in West Palm Beach>Question Details

enriquetirado, Home Buyer in West Palm Beach, FL

Updated. What is the greatest amount of mortgage loan I can expect to be approved for? My goal is 200,000 0% down VA loan. Have 20,000 saved if need

Asked by enriquetirado, West Palm Beach, FL Sat Oct 27, 2012

My credit score 735, my wife's 637. I have 2 part time jobs 1 on which I have been for over 2 and a half years. The other is the Marines reserve on which I have over 8 years total service and just reenlisted for another 4 years. Total monthly gross income is $1385.00. My wife works full time for over 6 years with employer and makes total monthly gross income is $1800.00. We have 0 installment debt and 0 revolving debt as we have paid off all credit cards and vehicle loans. Together we total $3,185.00 gross income, what average loan amount can we expect? Also I received a $20,000 bonus for reenlisting and my wife is going to receive a $2,500 bonus next month. Do the lenders use monthly pay stubs for determining loan amount or should I wait until after we file 2013 taxes to show these bonuses as part of our overall gross income to get approval for higher loan amount if possible? Finally I qualify for a VA 0% down guarantee loan which I will use.

Help the community by answering this question:


30% of your gross income is a housing payment around $1000. If you wish to push the envelope I would suggest allowing us to run your deal on line through automated underwriting to get a feedback of yes, no or maybe.
0 votes Thank Flag Link Wed Mar 27, 2013
You should be in good condition for the mortgage amount you want. You still need to be preapproved before going before home shopping.
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.
0 votes Thank Flag Link Mon Oct 29, 2012
Hello Enriquetirado,

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 – Sr. Loan Officer
Residential Finance Corporation
0 votes Thank Flag Link Mon Oct 29, 2012
Congrats, you are doing a great job.
And much thanks for SERVING!
They take all 4 branches.

Good luck and may God bless
0 votes Thank Flag Link Sat Oct 27, 2012
Hello Enrique:

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.

Eder Hanna.
Keystone Realty.
561 577 6079
0 votes Thank Flag Link Sat Oct 27, 2012
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