Hi everyone, My spouse and I earn a respectable living, but I have no idea how individuals manage to pay for a home, two car loans, and other expenses. We are by no means wealthy or destitute, but with the way interest rates are going right now, I don’t know how on earth we can afford to buy a house, especially when we only have one car note. Additionally, we don’t have a lot of debt. The interest rate on VA loans has increased much more than in the last year or two.
It’s important to budget carefully, prioritize expenses and explore financial strategies. VA loan rates have increased recently, so it might be worth consulting a financial advisor to review your options and potentially refinance or adjust your plans to better align with your current financial situation.
A common recommendation is to have a maximum of three times your annual income.
If you manage to find a house that offers a mortgage significantly lower than that, I would highly recommend taking advantage of the opportunity. It’s quite uncommon these days.