Financing in San Diego>Question Details

armolessa, Home Buyer in Virginia Beach, VA

What would the income have to be to qualify for a VA loan on a $375,000 home? Is it possible to do 0% down because we are first time homebuyers.?

Asked by armolessa, Virginia Beach, VA Mon Oct 14, 2013

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You may qualify for VA with a 580+ score but there is a new program in California that requires just .5% down for FHA loans..

Fixed interest rate on a 30-year FHA loan
Total financing up to 99.5% of sales price**
Help with down payment and closing costs via low, fixed-rate second loan
Owner-occupied only. May own other property (within FHA requirements).
Single family residences, PUDs, FHA-approved condos and 2-unit properties (2-unit properties require 640 credit score)
580 credit score required. Those with no credit scores may also qualify with alternative credit requirements.
Income limits are 115% of HUD area median income (AMI). Non-occupying co-borrowers and co-signers are not allowed.
1 vote Thank Flag Link Tue Nov 19, 2013
The reason why a VA loan is a great mortgage option is because of the 0% down. So you should be fine with no down payment as long as it is a VA loan. For the price range, income is not the only factor that affects your loan amount. There are a lot of factors that come together, not just income alone. The best way to figure out if your income can qualify for the 375k loan amount is to speak with a lender directly. So recommend you speak with a lender like myself. I would be glad to speak with you to help you get the loan that you need! Well I hope this helps! If you have any other questions or if you would like a loan, feel free to contact me. Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887
0 votes Thank Flag Link Fri Feb 14, 2014
There are several variables on this, your credit score will effect the rate which will effect the amount of income required.

Also your other debt will effect it as the VA requires you have a certain amount of "residual income" (Income left over after you pay your debts, and based on your family size.)

I can tell you the amount, I am not sure if you are buying in CA or VA I can only lend in CA, but if you are buying in VA feel free to contact me anyway as I am glad to help.

You can contact me online by clicking on my picture or for faster service call me at 949-297-1207.
0 votes Thank Flag Link Fri Nov 1, 2013
Yes you can do a true zero down loan under the VA loan program. The VA offers the best low down payment option around. I am surprised anyone tried to answer this question for you.There are two reasons why did not have enough information to answer your question:

1. To get a true Zero down loan either the seller needs to pay the closing costs, or the lender needs to pay that. If the lender pays it, you will have a higher rate and payment which would change the calculations. If you do not know who will pay the closing costs, you do not know the rate. The market for buyers has gotten better, I recommend you at least try to get the seller to pay the closing costs so you can get the lowest payment possible. If the wont do that we can always pay the closing costs for you.
2. The VA has fairly complex guidelines on what they call "residual income," the amount of residual income is what is left after paying all of your bills, and the larger your family the higher the requirement is for that.

We are a direct endorsed VA lender with delegated underwriting authority, that means we can provide you with the best possible service and pricing. Last week we closed a VA loan in 8 days, most VA lenders are subject to delays.

On top of that it is hard to get sellers to accept VA offers, they do not want to pay closing costs and do the repairs required. We help you get your offers accepted by offering the seller guarantees.

For a free no obligation consultation you can click on my picture for information on line or for faster service call my direct line at 949-297-1207

NMLS 287206
0 votes Thank Flag Link Fri Oct 25, 2013
VA will do 100% financing. There is a funding fee with VA but it can be rolled into the loan amount. If your purchase price is $375k your principle & interest payment will be $1854 a month @ 4% with a total loan amount of $386,250 with the fee included, but this does not include taxes & insurance. Take 50% of the income that includes ALL obligations (car, credit cards) & taht is the monthly income you'll need to qualify. You will also need to have a 620 FICO score with most lenders.
0 votes Thank Flag Link Sat Oct 19, 2013
E5 or E6 depending on other debts. Call Matt Schmidt at United Veterans Home Loans. He's a vet as am I and he can give you the straight info.

Office: (619) 296-5626 X 7166

Toll Free eFax: (888) 828-6179

J.R. Thrasher
0 votes Thank Flag Link Thu Oct 17, 2013
Good evening... Income needed is impossible to calculate with the information that you have given because you are missing one piece: Your debt payments. With any loan, you have what is called a "debt to income ratio". Debt to income ratio is basically your prospective housing payment, PLUS all other monthly debt payments (credit cards, cars, student loans, and even spousal support, etc) divided into your total gross monthly income...

In addition, the VA requires that a "residual income" test is passed as well, which basically calculates your remaining income after some other expenses such as child care and tax expense per paycheck.

Now, VA can always be zero down regardless of whether one is a first time homebuyer or not. The only time you will need to put money down is if a) you are going over the county maximum (ie: in san diego, the max is 500K currently. To do a 600K purchase, you would need to put 25% of the difference down, or 25K) or b) if you have another property with a VA loan on it already, and your VA entitlement is partially in use already...

If you have any questions, I am here to help in any way that I can. If you are in VA, I dont think I can do the loan for you, but I am still willing to help point you in the right direction. I am a former Marine turned lender about 10 years ago, and am an expert in the field.

Take care!

Daniel Lehman
WJ Bradley Mortgage
0 votes Thank Flag Link Tue Oct 15, 2013
0% down is acceptable on VA Loans but sometimes "earnest money" is put down at contract. You would get that money back or be credited back for closing costs. Regarding Income, please seek the advice of a Mortgage professional. Best of Luck!
0 votes Thank Flag Link Tue Oct 15, 2013
Yes Armolessa, 100% financing is possible with VA Loans. It is usually the standard, actually.
We will look at your other debts as mentioned, but that is simply a FICO check that can be done in minutes. What areas are you and your family interested in? I appreciate your service to the USA!
-Steve Seper, Broker/Owner
Balboa Park Realty, MLS ID 4817 (Lic #01730524)
0 votes Thank Flag Link Tue Oct 15, 2013

Are you still on active duty? If so where are you stationed? I am a former Marine, left active duty in 2011, the same year I first used my VA loan benefit. Over the last 3 years my team and I have closed over 100 VA transactions so we are very familiar with everything you need to know and we can refer you to one of the best VA lenders in San Diego. I would love to assist a fellow veteran in your search! Let me know if I can help. Call/Text 716.997.6504

Best regards,

Ryan Lamb
Buyer Specialist / REALTOR®
Reef Point Realty & Construction

716-997-6504 (C)
0 votes Thank Flag Link Mon Oct 14, 2013

The consistent thread in the answers that you have gotten is that you need to speak to a lender who can answer your questions personally and approve you for a mortgage. That is an absolute necessity if you are serious about buying. No seller will take you seriously (nor will most agents) is you are not preapproved for a mortgage. Talk is cheap but a preapproval means that you really are a buyer.

Talk to friends, relatives, co-worker or trusted professionals such as your banker or insurance broker for a referral to a local mortgage professional who can get you on the road to home ownership.
0 votes Thank Flag Link Mon Oct 14, 2013
VA loans are designed with ZERO down payment. Your income and other obligations play an importatnt role to determine how much you can qualify for. Fill free to contact me if you like.

Ricardo V Caccam
BRE# 01169545
NMLS# 241602
(858) 268-4500
0 votes Thank Flag Link Mon Oct 14, 2013
Armolessa, It is possible to get a VA with 0 down...but you need to speak with a lender to qualify. If you want to call me I can assist you through the process.

Jeannie Thompson
Coldwell Banker Real Estate
930 Prospect St.
La Jolla, CA 92037
BRE# 01021435
0 votes Thank Flag Link Mon Oct 14, 2013
It depends on a few factors. But VA loans do have the possibility of 0% down. Give me a call and we can determine how much you can afford based on your income. Doing it the other way around is illegal and is what got us into the great recession.

Alex Greer
Loan Officer
NMLS #1056079

0 votes Thank Flag Link Mon Oct 14, 2013
Only way to know is to visit with a reputable mortgage lender to determine your credit worthiness. VA is 0% down -
0 votes Thank Flag Link Mon Oct 14, 2013

VA Loans do not require a down payment. Your qualification for the loan depends on your income and debt to income ratio. Give me a call today... I have an amazing VA lender who only does VA loans. They also offer many discounts to first time home buyers. I look forward to hearing from you.


Valerie Wengeler
Realtor BRE LIC# 01934056
0 votes Thank Flag Link Mon Oct 14, 2013
A lot depends upon how much other debt obligations you have (car payment, credit cards, student loans). If you have no other debt you would be OK with a $4,400/mo income maybe less to get approved for a VA loan. But you also have to look at how much of your income you want your house payment to be. A house payment that is 50% of your income is a lot. Yes you can go zero down VA as a first time home buyer.
Web Reference:
0 votes Thank Flag Link Mon Oct 14, 2013
There are a few conditions to meet concerning qualification, but to simply answer your question, you would need about $58,000 in household income (no debt) to qualify.

I am a licensed mortgage originator for the State of Virginia. Give me a call and I can go into greater detail with you at no cost.

Ray Stevens
Branch Manager
GSF Mortgage Corp.
239 481-9514
0 votes Thank Flag Link Mon Oct 14, 2013
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