You provide us with information about your income and expenses so we can assess your debt-to-income ratio, or (DTI). This is the percentage of your monthly gross income that goes towards your debts, including a proposed monthly mortgage payment.

No. Most homebuyers have some debts they pay each month. Your DTI just helps us know how much you’re able to borrow for a mortgage.

Budgeting, building reserves and practicing for your mortgage payment are good ways to plan ahead before you buy and prepare for home ownership while you reduce debt.

Every loan comes with closing costs, which include the origination fee, appraisal fee, title work and discount points.

The good news for you is that the VA loan puts limits on what you can be charged for closing costs.

More good news is that with Resource Financial you won’t be charged any origination fees (also called lenders fees) for the cost to originate, process and underwrite your loan.

One of the big benefits of VA loans is that sellers can pay all of your loan-related closing costs. They are not required to pay any of them, but you can ask them to pay them, up to 4% of the home price. This makes it possible to avoid paying anything out of pocket to buy a home.

Your Resource mortgage lender can advise you on negotiating these closing costs.