Obviously your credit score qualified, and for FHA credit scores don't affect rates so no issues there.
Locally, FHA rate for 30 yr fixed was 3.75 yesterday with 0 points.
How much you can afford simply depends on your DTI ratios. Your location additionally matters as property taxes and insurance are included in the ratio.
You can see all the guidelines for acceptable DTI ratios on the website and use a calculator to figure out your maximum.
Starting Score: 627 EQ, 621 TU - 11/15/08
My experience was very smooth. My scores were in the low 700's and had no issues. I have no clue what amount I was approved for as I had already picked out my house before applying and it was well well under what I probably could have gotten. I bought very conservatively. The amount you will qualify for will depend not only on your income but what other debts you have. DTI ratios are extremely important in mortgages.
@cdtotten wrote:Obviously your credit score qualified, and for FHA credit scores don't affect rates so no issues there.
Locally, FHA rate for 30 yr fixed was 3.75 yesterday with 0 points.
How much you can afford simply depends on your DTI ratios. Your location additionally matters as property taxes and insurance are included in the ratio.
You can see all the guidelines for acceptable DTI ratios on the website and use a calculator to figure out your maximum.
I see this all the time, but when we were applying, we were told we were getting a better rate for having 700+ scores. Maybe that was just bluster to make us feel good, or maybe this is something that varies by lender, just as there are minimum FHA requirements but there can be lender overlays?
Maybe certain lenders prefer lending to individuals with 700+ credit scores so they drop the rate a little as an incentive, but FHA loans should not be affected by your credit score. You qualify or you dont. Not sure.