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

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Established Contributor

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.

Message 1 of 4
3 REPLIES
Valued Contributor

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%.

Message 2 of 4
Super Contributor

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.
 

 

Retired Lender
Message 3 of 4
Established Contributor

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 

Message 4 of 4