Here's The situation of a friend:
He wants to buy a house 120k. he has 60k down.
But only has 12k year on tax return. His fico is around 670.
Can he somehow get a FHA Loan. Is the 60k down verified?
Yes, he can get an FHA loan with 50% down. Yes, all funds are verified.
He also can get a portfolio loan rather than an FHA loan and then he won't have the MI to pay.
I'm sorry, I was wrong. ^^^The above posts are right. DTI and actual income to afford the loan are still the major factors. I don't know what I was thinking with a $12k/yr income