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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.
We are not acting on behalf of, or under the direction of the VA or the Federal Government. The Veterans Administration does not lend directly to the public, only through approved lending institutions like us here at Cambria Mortgage.
The Department of Veteran Affairs requires mortgage companies who offer VA Loans go through a stringent approval process. We are proud tp a VA approved mortgage lender and are proud to help military families use their VA Loan Benefits.
Equal Housing Lender, Cambria Mortgage NMLS# 322798. Our lending services provided only in the following states: Minnesota, Wisconsin, Iowa, North Dakota, South Dakota, Colorado, and Florida. This is not an offer to lend or to extend credit, nor is this a guaranty of loan approval or commitment to lend. The information here may not be up-to-date and may no longer be accurate. Products and interest rates are subject to change at any time due to changing market conditions. Actual rates available to you may vary based upon a number of factors. Consumers must independently verify the accuracy and currency of available mortgage programs. All loan approvals are subject to the borrower(s) satisfying all underwriting guidelines and loan approval conditions and providing an acceptable property, appraisal and title report. © 1998 - 2024, Joe Metzler, NMLS 274132