Am I in good shape to start talking to lenders?

[salsa34]

Equifax - 773

TU - 767

45k annual income

want to do an FHA loan for roughly 200k

No credit card debt, car loans or student loans, child support, etc.

I've been at my job for 8 years.

Husband recently became an legal resident, so his SSN and credit are only 6 months old.  He has a similar annual income to mine, but I think I will need to qualify for the mortgage on my own due to his limited credit.

Am I in good shape?

[happy0510]

I spoke to a broker yesterday and I was told alone I can qualify for 230K FHA.  I make 40K per year,so it looks even better for you. Plus, with those scores, you might be able to go conventional! Good luck and keep us updated!!

[salsa34]

that's encouraging!  thanks for the reply.

no way I'll have the $$$$ for 20% down on a conventional.

[happy0510]

Ha ha ha...that's what I said! FHA is perfect. By the way, might I ask what area you are interested in? I am in the Los Angeles area.

[salsa34]

North Denver Suburbs

[Anonymous]

Some conventional loans do 5% down but i'm not sure of the benefits of going conventional vs FHA.

Good luck!

[Anonymous]

Does the area determine what you can qualify for? I make 44K a year and I was told I could qualify for only 130K! Do you owe anything else? I have a student loan payment....that's it!

[Anonymous]

The area shouldnt make a difference unless they are accounting for very high taxes. In our area the taxes are really high, it's over 1/3 of my total payment!

OP. You look to be in great shape!! Kudos to you on the great scores. With steady job history, I don't think you have anything to worry about so long as you don't have other payments, car payments, student loans, etc. that would affect your DTI ratio. Even still you shouldn't have any trouble being approved, but it will affect how much of a house you can afford. 

[salsa34]

Thanks UPUPUP! 

On 200k house, payment calculators are giving me about a 1300 total payment (incl. taxes/ins and PMI), which makes DTI just shy of 35 - is that too high for an FHA?  I have no other debt payments, I'll just have the mortgage. 

[Anonymous]

That should be fine. Good luck!