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Established Contributor
Posts: 763
Registered: ‎07-04-2008
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Could we qualify for $125k-$160k FHA Loan?

I'm Self Employed, prior 2 tax returns avail to show $30k income

She's making average of $27k the last 2 years

 

We're looking next year to 2 years from now and have scores in the 700's

GF might have one collection hit as the O.C didn't send a final bill but it hasn't reported yet

 

Even if it does, her score will be over 660 by then.

 

We're looking or FHA and by that point could cover 10% down. We don't want one more than $160k

and are looking $120-$150k range.

 

Thanks

 

PS. I have no debt other than small cc payments, not even $300/m outside of our $1400/m rent

Her debt is only (outside of rent) $228/m for her auto.

Valued Contributor
Posts: 1,080
Registered: ‎06-08-2008

Re: Could we qualify for $125k-$160k FHA Loan?

With the combined income, low debt, and decent scores, you should have no probelm getting that amount.

Kathy


We are finally homeowners!!

Closed May 5th-30 yr fixed at 5.25%.

Super Contributor
Posts: 6,502
Registered: ‎07-03-2007
0

Re: Could we qualify for $125k-$160k FHA Loan?


WannaHouse wrote:
With the combined income, low debt, and decent scores, you should have no probelm getting that amount.
 
i agree.
 

 

* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004
Established Contributor
Posts: 763
Registered: ‎07-04-2008
0

Re: Could we qualify for $125k-$160k FHA Loan?

Thanks, guys. My worryw as that $60k or so combined income was not going to get us anything.

This means a lot to me, thank you and enjoy the weekend 

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