Are you a veteran first-time homebuyer aiming to purchase a house with a VA loan in the 2024 housing market? Unsure about how much home you can afford on a $100K salary? This episode provides a comprehensive guide on determining your buying power using the latest 2024 VA loan requirements.

Learn how to accurately calculate your debt-to-income ratio according to VA guidelines and understand the implications of the VA funding fee. We also address common questions about VA loans and provide basic calculation techniques for prospective buyers.

VA Loan Overview:

• Eligibility: Active duty service, 90 continuous days of wartime service, 181 days of peacetime service, or 6 years in the reserves or National Guard. Surviving spouses may also qualify under certain conditions.
• Credit Score: Minimum FICO® score of 580, with exceptions available at an additional cost.
• Down Payment: No down payment required.
• Mortgage Insurance: No Mortgage Insurance Premium (MIP) needed.
• Debt-to-Income Ratio: Recommended below 41%, though higher ratios may be approved.
• Residence Requirements: The property must be the borrower's primary home, and condos must be VA-approved.
• Income Verification: Steady income and employment proof are mandatory.

Explore more about VA loan benefits and eligibility by visiting the official VA website. For a list of VA-approved condos, check the VA Approved Condo List.

For additional insights, watch related videos on VA loans, such as reasons why sellers might reject FHA and VA loans.