What is the maximum mortgage loan amount I can qualify for?

The maximum mortgage loan amount you can qualify for will depend on your credit score, income, and other factors. In general, in Virginia, you can qualify for a loan up to the conforming loan limit, which is the maximum loan amount that Fannie Mae and Freddie Mac will buy. Currently, in most of Virginia, the conforming loan limit is $548,250. If you choose to use a non-conforming loan from a different lender, then you may be able to borrow an amount higher than the conforming limit. Your credit score, income, and other factors will also influence how much you can borrow. Generally, you need a credit score of 620 or higher to qualify for a conventional loan, although some lenders may offer loans to people with lower credit scores. Your lender will also look at your debt-to-income ratio (DTI), which is the ratio of your debt payments to your monthly income. Generally, lenders prefer to see a DTI of 36% or lower. Other factors, such as your job and employment history, may also influence how much you can borrow. The exact maximum loan amount that you can qualify for will depend on all these factors. The best way to find out how much you can borrow is to talk to a lender.

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