Think about the continual income calculation as a real-world simulation of the cost of living. This is the VAвЂ™s effort that is best at ensuring that you stress-free homeownership experience.
The following is a good example of just just how continual income works, presuming a family group of four that will be buying a 2,000 sq ft house on a $5,000 monthly earnings.
- Future household re re payment, plus other financial obligation payments: $2,500
- Monthly income that is estimated: $1,000
- Month-to-month estimated utilities at $0.14 per sq ft: $280
This actually leaves an income that is residual of $1,220.
Now, compare that continual earnings to VA income that is residual for a household of four:
- Northeast Region: $1,025
- Midwest Region: $1,003
- Southern Region: $1,003
- Western Region: $1,157