There are some qualifications you must meet before you can begin thinking about buying a house through a military program. The information you obtain before you begin looking, the easier it will be.

When you talk to a military mortgage specialist, you have the opportunity to ask questions and find out everything you need to know before you begin looking for a home. For instance, you want to determine how much you can afford to spend on a monthly mortgage payment including principal and interest, taxes, insurance and other types of housing-related expenses. You may also find that there are other military loan programs that can provide additional assistance for you and your family that may include down payment or help with closing costs.

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The first step you want to take before you even begin to talk to a lender about a military mortgage loan is to prepare a projected budget of your income and expenses each month over the next year. The majority of lenders will not use any income that is not expected to be consistent for at least three years. This is why most lenders will not use overtime to qualify an applicant for a mortgage because even if you have been working overtime for the past five years, they know it can stop at any moment.

Once you have developed a financial outline of your income and expenses you are in a better position to see how much you can afford to spend on housing. There are several websites that have online calculators available to help with this task. The one you find on the Ginnie Mae website provides you with a comparison of what you could afford under the general guidelines of the VA, FHA and conventional mortgage lenders. By obtaining military mortgage assistance you can gain a better understanding of the expectations of a lender.

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The calculations are based on an income to expenses ratio which helps lenders gain some insight into how much a borrower can really afford. Lenders usually like to see less than 1/3 of a borrower’s income going toward debt payments; this usually includes car payments, mortgage payments, credit card payments, outstanding collections and student loan payments. Some programs may take utility costs and other expenses into consideration as well, so it is essential for a potential homeowner to determine his personal budget first.

There are a variety of military mortgage loans available. For instance, a VA loan is insured by the Department of Veterans Affairs and is only available to those who are actively in the military or were honorably discharged. You will need to obtain a certificate of eligibility which you can obtain at the VA’s website or through the mail.

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