I am a first time home buyer and am in the process of doing research to ge a home loan. The home loan calculator I can find say rates are based on married, two dependent households. Because I have no dependents and all of my income would go toward my own expenses does that make me eligible for more than a married household that brings in equal income to what I earn?
Well, you do not get to file as married because you own a home. But, no, being single does not effect your ability to obtain a loan. In fact it would be illegal to discriminate against you for your family status.
I do qualify for a VA home loan, is it possible to get approved for a higher loan amount?
I have done those "mortgage calculators" , most of them say I can afford between 140,000 and 165,000...however the house Im looking at is 180,000. I was just wondering if it could be possible since it is a guaranteed loan to be approved for more.
If you are approved through an automated underwriting system on a VA loan, the ratios are waived. You need to get with a lender who can run the application for you at the higher price. If you would like, you can contact me through the e-mail link in my profile. I would be happy to help if you would like. Good luck.
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