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  • Tel: (651) 552-3681
    Email: Loans@VAMortgageMN.com

  • How much can you borrow or afford

  • When buying a home, two very common questions come up on a regular basis; how much can you borrow and how much can you afford.

    How Much Can I Borrow?

    Calculating debt to income ratio’s can be a little tricky, and the only valid way to let someone know how much they can borrow for a home loan is to have a Loan officer review your full loan application.

    A quick and easy way to look at it, is that most people can safely afford a home purchase price around four times their yearly household income.

    Use our VA Loan Calculator to determine the highest monthly payment and the maximum loan amount you can qualify for. We can help you understand how a lender looks at your ability to make payments.

    How Much Can I Afford?

    The loan amount a lender may say your can qualify for, and what you can really afford are two different things, and can be miles apart. Regardless of what the Loan officer says, make sure you can comfortably pay for the home you want to buy or refinance, taking in all debt. Remember mortgage companies do not take into consideration anything not on your credit report. So no utilities, no call phone bills, no car or health insurance, to name a few.