Looking to potentially buy a home

[jropeter]

Good evening all!

I am hoping someone can answer this question for me! I have been looking into buying a home recently. I make between 30-40K/year, and my credit scores average between 695-705 (I'm expecting two of them to raise due to some baddies falling off in the next few months). My question is...would I be a good candidate to get an FHA loan? How much of a loan might I qualify for?

Any help is greatly appreciated

[benjita]

You need to know your DTI first. Below 45% you should be good to go, although I believe FHA allows for higher ratio. A bank will likely offer you more than you need so you really should be looking what you think you can put to loan every month (taking into account utilities, hoa, maintenance, etc).

[DallasLoanGuy]

you should seriously consider conventional.

[jropeter]

Thanks for the suggestion. What is the minimum down payment I could get away with?

[DallasLoanGuy]

conventional 5% down is very available.

3.5% down fha is a crazy choice if you can fit in conventional

[jadeite788]

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@DallasLoanGuy wrote:

you should seriously consider conventional.

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ditto.  Found out lower interest rates, and no Up Front MIP.  Wish I could have gone conventional.