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Hello,
I am wondering about the likelihood that I will or won't be approved for an FHA loan.
So... anything else you need to know? What are my chances?
Thank you!
Nate
You should have no problem qualifying for up to 140k - probably more
Your debt ratios are fine
They would not count the OT because of the short time on the job
The banks need to see 2 years history for commissions and overtime before it can be counted
You do not need it though
You have $447 in monthly debt and at 140k you are only looking at around 1k a month payment for everything maybe 1100
that puts you less than 50%
You have stellar credit which should allow for a slightly higher debt ratio
As long as you have the 2 year same line of work
The 3.5% for the down payment
Can get the seller to cover the closing costs or get enough cash to cover them as well as the down payment
you should be fine to get a loan and thats using the current income.
Good Luck
Brian
Great! Thanks Brian.
Of course, the main part I'm worrying about is the job history.
Regarding monthly payments, I have another payment I make for a medical credit card of $140 a month and it will be paid off in October '11, however the reported minimum payment is only about $40 a month... I am paying it off at $140 a month to keep the 0% intro rate they gave me. Would that be considered, then, in my DTI? And if so, would it change anything?
Another question:
I will have someone living with me who, no matter where I live, is willing to sign a 2 year lease ahead of time (very good friend). He will pay half the monthly payment. Is there a way to incorporate this into the loan information? Does this even matter?
Thank you again for your help,
Nate