Federal civillian coming back stateside (San Diego) fico score of 806, 0 debt, pays $1000 a month child support. How much home can I afford there?

Asked by Agmt, San Diego, CA Mon Jul 11, 2011

Looking near North San DIego up to the Chula vista area to utilize the VA loan.

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Daniel Lehman, , San Diego County, CA
Mon Jul 11, 2011
OK. To get a general idea:

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!

Daniel Lehman
Web Reference:  http://www.lehmangrp.com
3 votes
Robert Chome…, , San Diego, CA
Thu Jul 14, 2011
Also keep in mind if you receive any disability pay from the VA the VA funding fee is waived. Also, if you are married your spouses debts (even if they are not on the loan) have to be included in your residual income calc.
Web Reference:  http://www.socalvaloans.com
1 vote
Cory La Scala, Agent, San Diego, CA
Tue Jul 12, 2011
Hi there, and welcome home!

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.

Warm Regards,
1 vote
Jerry Heard, Agent, San Diego, CA
Mon Jul 11, 2011
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.
Best wishes,
Jerry Heard
Your Broker
The San Diego Property Shop
Direct 619-920-9796
Office 619-269-5545
Fax 619-269-9168
CA DRE #00648687
1 vote
Lori Demirdj…, Agent, Carlsbad, CA
Mon Jul 11, 2011
Hi there, your VA loan is a great loan option and you should definitely go that route if you can. The first thing you need to do is to contact a trusted lender. If you know someone at your banking institution who specializes in VA loans then get in touch with them asap. They'll get you pre qualified and helpnypi figure out what you can afford. Once you do that, then you'll need to find a realtor you like to help you find the home. Call me if you have questions. Welcome home and thank you for your service!
Lori Demirdjian
Web Reference:  http://www.lorisellssd.com
1 vote
Bill Provost, Mortgage Broker Or Lender, Temecula, CA
Mon Jul 11, 2011
The high level answer to your question will be driven by your income. Happy to go through the rest of the details as well. Feel free to touch base. We do many VA loans.

Bill Provost

Bill Provost
Vintage Mortgage Group
Loan Consultant
760-282-4415 Direct CA
425-241-1922 Direct WA
Follow my blog – http://www.billprovost.com or http://www.homeloanpartner.com
NMLS # - 101876
CA DRE License # 01867503
WA DFI License# MLO-101876
1 vote
Adam Mallory, Agent, San Diego, CA
Mon Jul 11, 2011

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.


Adam Mallory
Web Reference:  http://www.AskAgentAdam.com
1 vote
Deborah Garv…, Mortgage Broker Or Lender, San Diego, CA
Tue Jul 12, 2011
Good answers here, but none address a very important requirement of a VA loan...which is residual income. VA guidelines do not have debt to income requirements per se; however, the residual income per number of people in the household is very rigid. Debt to income ratios can be quite high as long as the residual is met. My company can close VA loans in less than 30 days, which allows you to be very competitive in the San Diego market place.

Deborah Garvin
NMLS 279125
0 votes
Justine Lin, , San Diego, CA
Tue Jul 12, 2011
Federal civillians do not qualify for VA.
0 votes
Shane Milne, Mortgage Broker Or Lender, South Jordan, UT
Tue Jul 12, 2011
Tyler Jacobs, no offense, but that program stinks compared to a VA loan.
0 votes
Shane Milne, Mortgage Broker Or Lender, South Jordan, UT
Mon Jul 11, 2011
That was some crazy math Daniel, yet it works.
0 votes
Mark Garrow, Agent, Ramona, CA
Mon Jul 11, 2011
Unfortunately, you have not provided enough information to make that calculation. Without pulling a credit report a fairly accurate calculation can be done on the phone in a few minutes. But you have to call for a confidential conversation about the other factors that go into figuring out the max loan amount and max offer price you qualify for. If you'd like, please call my favorite loan officer of the last 14 years, Lori Garrow. She specializes in first time buyers (not been a home owner in the last 3 years), specialty programs that offer additional tax advantages, FHA, VA & conventional loans. You can contact her at 760-576-4005.

Mark Garrow
0 votes
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