Home mortgage question please help!?
My wife and I are thinking of buying a home I recieved a good faith estimate from a broker. I would appreciate any comments or suggestions on it. It is a VA loan, w/ 30 year fixed rate at 6.280% (float). My Credit Score when checked was 775. My wife and I’s approx. debt monthly w/ minimum payments on CCs is $ 550.00. We are approved on this estimate for $ 204,000.00. It has our monthly payment as $ 1,404.23. With the P & I at $ 1,261.90. On the phone the broker said with the $ 204,000 amount our debt % is 48% which is way to high! My job pays me $ 57,000.00 yearly. What would be a realistic price range for us to be looking at given this figures. Are the rates reasonable? This being our first home we are a bit out of our element. Any advice would be appreciated and I can supply more information if needed.