VA Qualification Estimate
What is your maximum mortgage? That is a little complicated for VA home loans because unlike conventional loans, the VA is concerned with how much money you have left to live on after paying your mortgage, bills, credit cards, taxes, utilities, etc. They call this number "Balance available for family support" and it can increase or decrease the mortgage amounts quoted below.
In addition, there are compensating factors which can change the mortgage amount as well. Good job stability, good credit, saving abilities, and staying with a reasonable payment as it relates to your current rent payment are all important considerations.
Please use our mortgage qualification calculator as a guideline only, and don't be discouraged if it gives you a lower than expected mortgage. If you call one of our loan officers, or simply apply online, we can give you a much better estimate.
Maximum Mortgage Calculator
Definitions
- Monthly income
- Total monthly income from all sources. All income should be entered before taxes.
- Monthly housing expenses
- Your monthly housing expenses from the housing expenses worksheet. The items entered as housing expenses make up the taxes and insurance portion of your monthly PITI payment.
- Monthly liabilities
- Your monthly liabilities from the liabilities worksheet. Your monthly liabilities are used to calculate your maximum PITI.
- Monthly housing payment (PITI)
- This is your total Principal, Interest, Tax and Insurance (PITI) payment per month. This includes your principal, interest, real estate taxes, hazard insurance, association dues or fees and principal mortgage insurance (PMI). Maximum monthly payment (PITI) is calculated by taking the lower of these two calculations:
- Monthly Income X 28% = monthly PITI
- Monthly Income X 36% - Other loan payments = monthly PITI
- Maximum principal and interest (PI)
- This is your maximum monthly principal and interest payment. It is calculated by subtracting your monthly taxes and insurance from your monthly PITI payment. This calculator uses your maximum PI payment to determine the mortgage amount that you could qualify for.
- Start interest rates at
- The current interest rate you could receive on your mortgage. This is used as the starting point for displaying a range of interest rates and the resulting mortgage amount.
- Term in years
- The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.
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