How much house can I afford with a VA loan?

Hi dsugal679, I specialize in VA financing. The amount you qualify for will depend on your residual income, the amount of debt you have and whether or not you receive an automated underwriting system(AUS) approval. If your file has to be manually underwritten, your debt to income ratio will be capped at a max of 58%. That means 58% of your gross monthly income is going to your proposed mortgage payment and any other debt on your credit report. 58% of $6,000 is $3,480. If we get an AUS approval, the DTI can pretty much be whatever. For example: I've had Veterans get an AUS approval with a debt to income ratio over 70%. I always ask my clients what monthly payment they're comfortable with and then figure out what price point will get them there. Being exempt from property taxes will increase your buying power. Based on the property tax exemption, I'm guessing you have a service connected disability rating, right? Is the VA disability included in your 72K yearly income?| John Burke | Senior Mortgage Banker | Lending in ALL 50 states |Stride Bank | jburke@stridebank.com | (877)228-9069 | NMLS# 787231 |