Getting a loan for a first time home buyer

[Trigga]

 Anyone think its possible to get a loan for lets say 100k to 120k for a first time home buyer , i make about 40k a year and also i pay 623 in child support a month . I have no other bills atm besides the cost of living i live at home with my mom atm and pay no bills besides food and car insurance of course ..

PS , yes its very embarrassing to be living at home yet again since my divorce ! 

[Trigga]

Anyone able to tell me or show me how to do the DTI ratio  ? 

[wednesdayaddamsd]

Hi Trigga,

Your debt to income ratio can be computed very easily. You just divide your debt by your income. If you take your monthly payments, and add them up, say they come to $800 per month, you then divide that by your monthly income. If your monthly income is say, $3,333.00 then you would divide $800 by $3,3333.00 and you come up with 24, which is 24% DTI (debt to income).

Hope that helps, and don't worry, I know many people who've gone home to save some money after a life changing event like divorce, job loss, medical bills, etc. You will get through this. It does get better!

[Trigga]

My DTI is gonna be low with this child support not sure if i should even try for a loan ....and thx for the reply !

[Booner72]

You need to find out the DTI limits.  i believe for FHA it's 45%.  I THINK.  Someone else?

Child support STINGS.

[Trigga]

Ya CS sucks but i dont mind paying it ,  just have to try and save up some money and work on my fico scores while im at it ...my scores are posted below are they up to par for a FHA loan  ?

I have 2 baddies on my report one medical collection from 2 or 3 years ago that is $500 and also one 30 day late payment on one of my CCards about 2 years ago .,

[Booner72]

You betcha they are!

[Trigga]

Thanks for the replys Booner72 .

[CS800]

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@Trigga wrote:

 Anyone think its possible to get a loan for lets say 100k to 120k for a first time home buyer , i make about 40k a year and also i pay 623 in child support a month . I have no other bills atm besides the cost of living i live at home with my mom atm and pay no bills besides food and car insurance of course ..

PS , yes its very embarrassing to be living at home yet again since my divorce ! 

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DO you have a downpayment for 3.5% if you're going the FHA route?

Clean 12 month report?

And don't be embarassed about going home again. A lot of people do that and it gives you the chance to save a lot more.

[Trigga]

cs800 thx for the response , yes i have 12 months of good credit no collections in that time frame or missed payments , most recent bad mark on my report is almost 2 years old .....and no im still saving for a down payment , just went through a divorce thank god we rly didnt have anything to fight over but the kids , we didnt buy a house together and we had our own cars ..so i guess thats one good thing . I guess not having the down payment money is a good thing atm since i can work to get my score up some more ...im just worried about my DTI also since i only make about 40k a year and 623 of that a month is for childsupport ...