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Such links are provided consistent with the stated purpose of this website. Your VA debt ratio is a number expressed as a percentage and is calculated by dividing certain debt obligations by your gross monthly income. The maximum VA debt ratio limit is 41 so in this example, the ratio of 30 qualifies. The debt ratios is made up of your principal and interest payment, one-twelfth your annual property tax and homeowner's bill along with any other monthly fees associated with the mortgage such as homeowner's association or condominium fees.
Other debt that must be included to calculate your VA debt ratio are credit obligations such as a car loan, minimum credit card payments and student loans, among others. If the payment appears on a credit report, it's likely the payment will be included in your debt ratio calculation. Monthly bills that aren't part of your debt ratio are things such as utility bills, cell phone bills, food and entertainment.
So, let's calculate a VA debt ratio. There are no additional fees. The payment is:. Since the ratio is below the maximum ratio of 41, the borrower qualifies for the loan based upon debt ratios. When a loan officer calculates your maximum VA loan amount, your gross monthly income is added up then multiplied by. If you've yet to pick out a property and don't have tax and insurance information, your loan officer will use estimated figures.
Compare VA Loan rates with the Military. You can get a quote for a homeowners' insurance policy from an agent but a general calculation is one-half of one percent of the loan amount.
If the loan is a 15 year mortgage at 3. The debt ratio is just one requirement a lender must follow when approving a VA loan request. Significant drops in your interest rate can save you hundreds of dollars in interest. The beauty of being Active Duty is untaxed income. This puts me in a low tax bracket and helps me save a ton of money. Other allowances like Separation Pay are also untaxed. This plays a huge role in how much money you actually make. Every base has an Airmen and Family Readiness Center which has amazing resources on managing finances, parenting, and general adulting stuff you need to know.
It is a great place to go for help. They will help you craft a budget and track your income. They also assist in understanding financial terms and processes that you may not be familiar with — especially as a young airman. If you want to change your career and do something completely different with your life, the military can be a great way to do it. Let me know if you have any questions about enlisting in the Air Force. Liz is currently a nurse in the United States Air Force. When not working, she spends her days reading, baking, and going on adventures with her dog, Motley Crue.
Is there a way the forty percent rule can be waived? So can i still join? Could you elaborate? I do know that being a single parent can cause some headache when trying to enlist due to guardianship while in Basic Training and technical school. This would be something I would speak to a recruiter about. My wife recently swore in on October 18th.
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