First Loan

[Anonymous]

Hi I was wondering what kind of loan I could get approved for.

My mid score is 674. I make $42000 a year. I have about $5000 for a down payment.

I found a home for $130000 and I am going to make a offer for $120000 and have the owner pay the closing costs. Would I get approved for this loan? What might be potential hurdles and would I need a co signer?

[Anonymous]

FHA 3.5% down....

Your Mortgage would be about $950 a month assuming $2500 in taxes @ 5% including PMI and Insurance.

If your monthly debt payments are less than $600........

Then I don't see why you wouldn't get approved.

Good Luck!