Nearly 70% of College graduates have some sort of student loan debt, with an average of $37,000 in 2016. Just like any other debt, your student loans will be considered in your debt-to-income (DTI) ratio. This DTI ratio considers your gross monthly income in comparison to your monthly debts.

Preferably, outgoing payments, including the estimate of a new home cost should be at or below 41 percent of your monthly income. While there are some exceptions, you should stay relatively close to this number. If your number is above this number, it doesn’t necessarily mean that you won’t qualify. Each case is different, your loan officer will need to look into your current situation in order to decide whether you can be qualified.

If you are considering a home purchase, first ask yourself if you’re financially ready to make this commitment. If so, contact your loan officer and they will help you out in whatever way they can to get you where you need to be.

The Chapman Lending Team at HomeBridge Financial is honored to help many veterans utilize their VA home loan benefit each and every year.  We ARE NOT a call center.  Our goal is to provide the best customer service in the industry along with the most competitive rates and fees.

Semper Fi, Dan Chapman CAPT, USMC (vet)

ChapmanTeam@HomeBridge.com          Call (760) 456-7139

Get a Free Rate Quote  –  Start an Online Application

Related Articles

Higher loan limits have just been announced for 2018.  This is great news for anyone looking to purchase a home in the coming year.  It is not yet confirmed that FHA and VA will increase accordingly, but most likely they will.  If you are currently in escrow and/or closing after…
Read More

The 2018 VA Loan Limits have been released. The VA loan program does not have a maximum amount a veteran can borrow using a VA loan. For 2018, the ZERO down payment limit will increase to $453,100. San Diego has increased from $612,950 to $649,750. The Chapman Lending Team at…
Read More

On December 8th, 2017, The Chapman Lending Team is proud to sponsor the Army-Navy golf tournament at Admiral Baker Golf Course.  Each year the U.S. Naval Academy gives classmates and friends the opportunity to reunite while donating to the Naval Academy Foundation. The Chapman Team will have a table set…
Read More

Most people are already aware that one of the perks of using a VA loan is the zero down payment for homes that are under the loan limits provided for your specific county.  However, another perk is becoming exempt from paying the Funding Fee if you have a service-connected disability…
Read More