How much loan amount for our income?

[pattybear]

I have not posted much here, but I have spent quite a bit of time reviewing posts and learning from you-all.  We meet all the requirements for the FHA Back to Work program.  We just recently had a lender pull, which my middle score was 634, and my DH was 656.  So we were told I need to get mine up to 640.   The other problem we have is I am an independent contractor/self-employed, so after expenses my income is low, and my husband is currently working part-time, but looking for full-time work.  He's in the construction industry.  My question is how much income do we need to qualify for a 260,000 home?  Our debt is only a $366 car payment and $75 IRS payment (no lien or anything filed).  No credit card debt.   We were told we would qualify for $130,000, which that will get us nowhere in the area we live.  So I'm just wondering what I need to get our income up to.

Our last two years income is:  2011: ME: $50,221 (20,568 after expenses)             2012:  ME:  49,509 (27,196 after expenses deducted)                       

                                                            DH: $18,733                                                               DH:  29,541

So far this year, my income is $65,000.  If I do not deduct many expenses, that would be great for the mortgage qualification, but then I'll owe more taxes.  If I do that, back to my question, between 2012 and 2013 then, what home price could we qualify for, with 3.5 percent down?

Thank you all in advance!!

[DallasLoanGuy]

what do taxes run on  a 250k home?

[DallasLoanGuy]

when did he start part time? how many hours is he getting? what hourly rate?

is the part time work the same as his last 2yrs of work?

[pattybear]

Property taxes are about 2,000, I think.  DH income is 12,000 year to date so far.  His hours vary, but around 20 to 25.  He worked full-time for six months of this year at the same time as his part-time, but we were told that couldn't count since he's no longer there.  His part-time is a courier at FedEx Express.   He's had the part-time FedEx job since 12/2010.

[DallasLoanGuy]

i can take his avg pay over 2yrs

[pattybear]

I don't have his income from the full-time for six months this year.  They had it online, but I can get that.  But the last six months of the year before, he earned gross $14,000.  He was employed there from June, 2012 to June, 2013.  So I'm sure the six months of this year was about the same.  So if you're able to use that, what would that raise the amount we could qualify to?  I realize you can't be exact.  And I guess we can't even do anything until February, 2014, when the year is up from closing the short sale. 

[DallasLoanGuy]

his avg pay from the part time job is what i am talking about

i cant use pay from a job he isnt on now

[pattybear]

Oh, okay.  I guess we should wait until he gets a full-time job so we can qualify for a higher amount than $130,000.  Thank you for your help!