Hi,
I live in Northern Virginia, and I am about to apply FHA loan once I am advised.
Total Income (2011 Joint Filing with Wife) : $55,000
Monthly Debt : $40
Credit scores: 680, 690
Targeting Home Price: $250,000~$300,000 Townhouse
Downpay source: Saving Account $20,000
Is this doable or Do I decrease the price below $250,000?
Thank you in advance 
@Anonymous wrote:Hi,
I live in Northern Virginia, and I am about to apply FHA loan once I am advised.
Total Income (2011 Joint Filing with Wife) : $55,000
Monthly Debt : $40
Credit scores: 680, 690
Targeting Home Price: $250,000~$300,000 Townhouse
Downpay source: Saving Account $20,000
Is this doable or Do I decrease the price below $250,000?
Thank you in advance
Hi I am in DC and we make around the same income. Since you have no debt it looks doable, this is just my opinion since we have similar incomes. My understanding is that lenders like to do loans about 3 times your income though. In our area properties cost a bit more than other areas so this formula don't always work well for us. About how much are you currently paying for rent? If your mortgage and taxes will be around the same amount then try getting approved by a local bank. Also research downpayment/closing cost programs in your area because it might help you qualify up to the $250,000 plus price range. A $240000 mortgage loan will average around $1288 and at $300000 it is about $1610.00 (I got these figures from an ammortazation calculator). Good luck and keep us posted on what you decide.