Veteran Mortgage Loan (insurance, property tax, fees, mortgage calculator)

[TheGimp]

I am a disabled veteran with a disability rating of 100% and I am thinking about purchasing a new home. The 100% disabled status means I am exempt from paying property taxes. I recently used a mortgage calculator to estimate potential monthly payments and I came across the property tax field. While we started with a $250,000 price point, upon entering in $0 in the property tax field helps us out and gives us the opportunity to up our price to around $300,000. How will loan companies take the disabled veteran status into consideration? Sorry but this is confusing to us. Some people have told us the monthly payments will still be high regardless of property tax exempt status.

[Pfhtex]

Veteran Disability-based Tax Exemptions are requested by you post, closing. You will have to qualify with the tax amounts as posted, close the loan, then apply for the exemption.

Due to your Disability, however, we would likely allow for a high debt ratio exception, of up to 55% or so. Not every bank does this, but I just closed a similar VA with a borrower who had a 40% Disability.

You also will not have a Funding Fee in your VA Loan.

[shamrock847]

The important thing is figuring out what kind of monthly payment you are comfortable with, and then working that backwards by subtracting out insurance and other related expenses (like HOA fees) to get the principal and interest payment you are comfortable with. From there, a mortgage calculator can easily tell you how much loan you can get for that payment. More than likely, you will qualify for a greater amount than what you are comfortable with from a monthly payment standpoint.

Also, make sure your VA disability payments are included in the income the bank uses to qualify you for the loan.