Someone please help me understand and I’ll try to make it simple (I worked with VU on all these purchases):
Jan 2022: Bought a home for $111,000
– Salary: $35,000
– Interest: 2.5%
– Home bought because of First Child
Jan 2023: Bought a home for $263,750
– Salary: $54,600
– Interest: 5.5%
– Home bought because of second child
– VU says I had to rent out my first home before I could close on this home (accomplished)
Jan 2024: Bought a home for $263,500
– Salary: $86,400
– Interest: 6.75%
– Home bought due to transferring to a different job miles away
– VU says I had to rent out my second home and keep my first home rented before I could close on this home (accomplished)
Now:
July 2024: Looking for a new home
- Relocating back home due to family health issues but got a new job
- Salary: $72,533
Key notes:
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I am selling my first home and second home and they will be sold on 7/8 and 7/22
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My debt to income ratio from home 2 to home 3 has remained the same.
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With the selling of my 2 homes I will be free of over $350K in debt
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I plan on using the 7.5K/30K I get from the selling of my 2 homes to buy down my interest rate that I am prequalified at (6.9%)
How are they only qualifying me for $85K to go look for a house with? Makes zero sense!
Oh yeah my credit score is a: 748
** VA Home Loan utilized on all homes
Posted by DazzlingAd4603