Do we qualify for mortgage?

[S33k]

Okay from what I can gather I'm allowed to start a "mortgage saga" thread as long as it's my own NEW thread and not hijacking some other discussion.

There are two of us, myself and my fiance.

I'm going to split info into two folks and ask a couple questions.

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Him:

2550/mo gross income

5k credit card limits, zero balance, all of them 6 months old.

330 per month child support

165 per month auto loan payment (both him and her on the auto loan)

45k in student loans (on def. as I'm actually in school still)

no collections, no pub records, no late payments showing on reports

740+ all three credit bureaus

8 yrs employment with all documentation

4 yrs rental history in same apartment with no issues (cohabitated) 

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Her:

2750/mo gross income

2k credit card limits, zero balance, all of them roughly 2yrs old.

450 per month child support

165 per month auto loan payment (both him and her on the auto loan)

75k in student loans

~50 per month student loan payment

1 collection for 200 dollars that we were surprised to see... may be a mistake and we may get it removed asap.

No pub records, no late payments showing on reports

700+ all three credit bureaus

3 years employent with all documenation

4 years rental history with no issues (cohabitated)

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Combined:

5300/mo gross income

7k credit card limits, no balances, majority less than 1 year old, see above

780 per month child support

165 per month auto loan payment

50 per month student loan payment

120k total student loans

1 collection for 200 dollars, may be a mistake, may have removed

No pub records, no late payments.

4 years rental history at same place, no issues

Him: 740+ all 3 fico, 8 yrs employment

Her:  700+ all 3 fico, 3 yrs employment

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Other info:

We have roughly 15k cash. 10k will be a gift.

Interested in single family 3+/2+/2+ in OK. We're thinking home purchase prices around 110k - 150k.

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Questions:

How do we look? Will we have troubles based on this information?

Should we buy together, or should one of us go for it?

Should I/we go FHA? If we buy FHA 150k home with 10k down, what kind of PMI am I looking at? That's a 93% LTV right?

Can the entire downpayment on FHA be from gift money?

I havne't talked to any loan officers or bankers yet. Have no real clue what kind of shape this is... we think we're mostly good. Any info the community can offer is greatly appreciated.

[benjita]

Calculate your DTI. Should be below 45%. FHA allows 3% downpayment using all gift funds but I recall reading that this will change in the next two weeks to 5%. Get a hold of a realtor to walk through options then apply for your loan.

[StartingOver10]

FHA requires a down payment of 3.5%

The 3.5% can be gift funds - but the buyer/borrower has to show where the money is coming from (copy of bank statement from the donor is typical along with the gift letter)

The poster above mentioned 3% - that is for fannie mae conventional loans NOT FHA. It's been several years since FHA allowed 3% down payments.

The regular conventional loans start with 5% down.

Most people opt to use the 5% down anyway because the MI on 5% down is substantially less than on 3%. Ask your LO for details.