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My FHA Odds

Moderator

Re: My FHA Odds

Also remember the underwriting criteria for an FHA loan is substantially easier than it is for a conventional loan. Especially if you have a high LTV conventional loan the ratios are lower and the score requirement is higher.

Message 11 of 19
Valued Contributor

Re: My FHA Odds

Also remember what qualifies today may not qualify in a year from now.

Qualifications change, rates change ( which impacts how much house you can buy), credit minimum scores change, and changes in programs can happen also.

Good Luck
May all your dreams and wishes become a reality!
Message 12 of 19
Valued Contributor

Re: My FHA Odds

+1, the 4x your salary rule is based on the current rates. When rates change, the way the max home price is calculated may change.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 13 of 19
Established Contributor

Re: My FHA Odds

I would say that with absolutely no debt you would be fine with something in the low $200's - assuming you also have the money for down payment, closing costs, etc. Don't put yourself in a situation where you're assuming salary increases and end up being house broke.


AMEX PRG - NPSL I AMEX Everyday Preferred - $34.8k I Capital One Venture - $20k I Chase Sapphire Preferred - $25.5k I Chase Southwest Rapid Rewards Premier - $20.7k I Barclay Arrival + - $10k I Capital One Quicksilver - $10k I NFCU Flagship Rewards Visa Signature - $15k I NASA FCU - $10k I Texell FCU Visa - $5k I Chase Freedom - $9.9k I Citi Double Cash - $7.8k I Discover IT - $5k I NFCU CLOC - $15k I Total Unsecured Credit - $188,700

EQ FICO - 714 (5/24/16) I TU FICO - 772 (5/24/16) I EX FICO - 770 (5/24/16)
Message 14 of 19
New Contributor

Re: My FHA Odds

Aren't there limits to FHA loan size wise? I know in the counties we were looking in, the Max they could give us was 280k iirc.

 

Lender Pull EQ 745 EX 734 TU 722
Message 15 of 19
Valued Contributor

Re: My FHA Odds

Where I live, the max is in the upper 400's. we took out an FHA loan for $347,900.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 16 of 19
New Contributor

Re: My FHA Odds

which state?

Lender Pull EQ 745 EX 734 TU 722
Message 17 of 19
Valued Contributor

Re: My FHA Odds

Another issue with this scenario is it is a Condo. Requirements and rates usually are different......

Good Luck
May all your dreams and wishes become a reality!
Message 18 of 19
Highlighted
Valued Contributor

Re: My FHA Odds

CO
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 19 of 19