Another FHA approval question

[Anonymous]

Hi everyone! My boyfriend and I have been toying with the idea of buying a house, and we just found one we really like. But before we get to serious, I want to know what the chances are of being able to qualify for an FHA loan. The loan will probably be in my name only, because my boyfriend is in school and only works part time, and he has a lower credit score. My credit score is okay (EQ is 690), but I am worried about my debt-to-income ratio, and I don't really know how to calculate that (or what the requirements are). So I'm hoping you all can help me  Heres a breakdown of my monthly payments (and I don't know if all of these will be factored in) :

Visa= 80

Mc= 30

Discover= 80

Student loans=190

Rent= 600 (my portion is 300)

Phone= 75

Utilites= 150

I also have 2 30 day late payments on my CR that are about 1yr old, and a 30 day late that is about 3 years old. The house we are looking at is about 100k. Any input you can give me would be greatly apppreciated!

Message Edited by kris081 on 11-28-2008 04:18 PM

[BrianB_The_Loan_Professor]

Whats your gross monthly income?
Have you been in the same line of work for 2+ years?

Brian

[Anonymous]

Sorry, I apparently took that info out and forgot to put it back in My gmi is about 1660 (I don't know if they factor in overtime). I've only worked at my job since March, but I was in school and graduated in December 07, which I have been told can be a substitute for a longer job history...

[BrianB_The_Loan_Professor]

The debt to income is going to be too high

100k will be around $750 a month and that alone is 45% of your income

FHA likes 31% for housing and 43% total

of course with good scores it can go higher

when I add in the credit and student loans the total goes to

68% way too high to get approved

Going to have to rethink to get this done do you have a co borrower maybe?

[Anonymous]

Thanks for the direct answer. Its kind of what I figured. I know I could get a coborrower, but I was hoping to do it on my own. I've paid down my cc debt by about $2000 since April-ish, and my student loans by about $1000, so I will continue to do that until I am able to buy Do they factor in other kinds of income, like inheritance?

Message Edited by kris081 on 11-28-2008 04:55 PM

[BrianB_The_Loan_Professor]

Are you receiving it on a regular basis? Or is it a one time lump sum?

Lump sum no regular income if documented yes

EX:

Did one recently where the father was an insurance agent daughter inherited rights from residual income from policies still generating income.

we were able to count that

[Anonymous]

Its regular, but not indefinite. I basically get it once a year until it runs out...How would it have to be documented?

Message Edited by kris081 on 11-28-2008 05:16 PM

[BrianB_The_Loan_Professor]

Probably through court documents it will have to be coming in for 3+ years to count

B