01-28-2013 01:27 PM
Ok so here it goes, credit- 640ish salary- 30000 fiance- 30000, condo im interested cost 470000. What are my chances of getting pre approved for a condo of this amount thru FHA??? Or should i wait until my salary goes up?
01-28-2013 01:37 PM
There are lots of other factors: what is your current total debt and the associated payments? What are the condo fees? what are the taxes? All these things go into determining your ratios. Also is the condo FHA approved? Go to HUD.gov to check it out as it has to be FHA approved in order to use an FHA loan . This applies to condo's, not town homes or villas or single family homes.
$60k household income is low for that size mortgage even if you have zero debt. It is probably not doable unless the taxes and insurance and maintenance fees are also extremely low.
01-28-2013 03:50 PM
01-30-2013 07:41 PM
Yea i guess i shoul be realistic. What about conventional on a 319000 house?? Is this realistic?
01-30-2013 07:46 PM
01-30-2013 07:58 PM
Thanks so do you thinknif my fiance both earned 40000 a year we could get approved for something higher. Because if so then i might aswell for a year and get a salary upgrade
01-30-2013 08:19 PM
01-30-2013 08:23 PM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.