First-time VA homebuyer, multi family questions...

[Brent Vossler]

My research has come up with a DTI ratio for using a VA home loan at 28-41% but in-person, I have heard realtors mention VA loans of up to about 50% DTI!

I am a first time homebuyer, looking to purchase a multi family property in either Virgin Islands or Guam (island life! I’m a diver).

My income is about $95k/yr, debt/obligations are <$500/mo and I have a 720 credit score currently. I’m looking at a few 4 unit, multi-family properties in the $450-550k price range.

Does anyone think I would have a problem obtaining financing with the VA with those numbers? Should I wait longer and increase salary and before I apply? I've been working hard to get my finances in order, getting out of debt and sacrificing wherever I can to live this kind of life and move into REI eventually... any insight or thoughts would be awesome! Thanks!

[Twana Rasoul]

@Brent Vossler We are currently in contract on a property within a short walk of downtown and buyer will occupy one unit and he'll have his PITI completely covered and then renting out the other 3 units. he'll be doing quite nicely on the property once he moves out in the future and rents the 4th unit as well. This was done with 0% down and the lender is paying for the entire closing costs with a interest rate of 2.75%. As expensive as San Diego is there are plenty of great opportunities that come and go.

Best of luck to you in Guam or Virgin Islands.