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Nuclear waste, asbestos and radon are huge red flags for VA appraisers. A property plagued with these kinds of hazards is unlikely to qualify for VA financing. No defective construction. Appraisers will assess the property for defective construction, poor workmanship, settlement problems, excessive dampness and decay.
To afford a $450,000 house, you typically need an annual income between $110,000 to $150,000, which translates to a gross monthly income of approximately $9,167 to $12,500. However, this is a general range, and your specific circumstances will determine the exact income required.
Due to the substantial sum at stake, the eligibility criteria for a loan of $400,000 may be more extensive in comparison to lower loan amounts. Nevertheless, obtaining approval for such a loan is attainable, even without impeccable credit or substantial collateral.
Conventional loans typically require 3-20% down for a $400,000 house.
Multiply the loan amount of your first VA loan by 0.25 to get the amount of basic entitlement youve already used. Subtract the amount of basic entitlement youve already used from your maximum total guaranty. The resulting number is your total remaining entitlement.
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The Bottom Line. To comfortably afford a 400k mortgage, youll likely need an annual income between $100,000 to $125,000, depending on your specific financial situation and the terms of your mortgage. Remember, just because you can qualify for a loan doesnt mean you should stretch your budget to the maximum.
Sellers can pay all loan-related costs and up to 4% in concessions, which can cover prepaid items and more. In some cases, buyers may be able to utilize a lender credit to cover some or all of their closing costs. Talk with a Veterans United home loan expert to learn more.

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