what is the income and credit requirement for a VA home loan of $350,000. ?

Posted on Oct 21, 2012 in Stated Income Loans

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Castle Leslie
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Castle Leslie

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Castle Leslie
castle
Image by Sean MacEntee
Castle Leslie

For a lot more houses click right here…
Question by dgoldenboy67: what is the income and credit requirement for a VA home loan of 0, this 000. ?
I had filed for chapter 13 in 07 for medical reasons, seek but the case was dismissed. Where doI go from here. My credit score is only now 550. My income is $ 80, erectile 000.
Thanks

Best answer:

Answer by Sofa King
You need to make about 160,000 a year to afford a $ 350,000 loan.

[edit] You’d also need 87,500 (20%) down + closing costs, etc.

Know better? Leave your own answer in the comments!

4avg.rating 22 votes.

3 Comments

  1. For a $ 350,000 house, it would take an income of at LEAST $ 125,000 per year… and they won’t even TALK to you if you don’t have a credit score of OVER 700… about 720 is minimum according to industry sources. You will also need 31 PERCEN DOWN.. so that’s about $ 100,000 DOWN PAYMENT… the days of no money down and loans to people with bad credit are gone forever… AND under current conditions.. you would be lucky to get the loan if you MET the requirements.

  2. Woooo little horsey! Don’t be giving people your life history here.

    Look, only a lender can tell you the answers. They have to take into account all of your financial information.

    And don’t click on links people here give you.

  3. First a VA loan can be gotten for 100% of the appraised value. It is not only your credit score but your debt to income ratio that is included. With your score (get it up 100points) get rid of any debt, and increase your income you have a chance if the home is appraised for that amount. Just received a VA loan a couple of months ago it is a good program