Ollitrop, Great question. I am veteran and have helped many vets buy homes that have used a VA Loan. Visit the link below and ask for a lender referral from our office. We can also help you buy a home in San Diego. We are Military Relocation and First Time HOme Buyer Experts. Look forward to hearing from you.

http://www.dawnsellssandiego.com

You really need to talk with a lender...and one that does VA loans. They can probably give yo a good idea with just a brief phone call as to what you can afford and what you are comfortable with. I's start by calling Karen Barberio at US Bank. She has done several VA loans. Her phone number is: 760-720-2449.

Let me know if I can help in any way,

Joan Wilson (Realtor, SRES, Ecobroker)


California Cool 4 Sale
Prudential California Realty
Direct Phone: 760-757-3468
Fax: 760-946-7894
JoanWilson@prusd.com
License # 01341483

It is my Goal to Increase the Success and Profitability of Those I Serve

Hello,

The sort answer here is that you need to contact a Lender to find out. Anything we say is conjecture and beyond the scope of a Real Estate agents expertise. Please consult a Lender directly so that you can get what you need.

Best regards,

Mark and Kari Shea
San Diego Real Estate Experts
Foreclosure, Short Sale & Investment Specialists,
Development Opportunities & Traditional Real Estate

Your lender decides what you can borrow but you decide what you can afford.

Lenders are careful, but they make qualification decisions based on averages and formulas. They won’t understand the nuances of your lifestyle and spending patterns quite as well as you do. So, leave a little room for the unexpected – for all the new opportunities your home will give you to spend money, from furnishings, to landscaping, to repairs.

Historically, banks use a ratio called 28/36 to decide how much borrowers could borrow. An approved housing payment couldn’t be more than 28 percent of the buyer’s gross monthly income, and his or her total debt load, including car payments, student loans, and credit card payments, couldn’t be more than 36 percent. As home prices have risen, some lenders have responded by stretching these rations to as high as 50 percent. No matter how expensive your market though, we urge you to think carefully before stretching your budget quite so much.

Deciding how much you can afford should involve some careful attention to how your financial profile will change in the upcoming years. In the long run, your own peace of mind and security will matter most.

You're rate would be competative with current conventional and FHA rates. Somewhere in the 5.5 range I would estimate. With your VA benefits, you can also get down payment assistance. Based on a monthly payment of $1800, you would be looking at a home in the mid $200s to possibly as high as $300K.