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?
You're trying to buy a 470,000 condo with 60,000 in yearly salary? Depending on property taxes, you'd be looking at a mortgage payment well over $2,000 a month at a 3.25 % FHA rate.
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.
Yea i guess i shoul be realistic. What about conventional on a 319000 house?? Is this realistic?
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