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Regular Contributor
Posts: 238
Registered: ‎01-29-2012
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My FHA Odds

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?

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Established Contributor
Posts: 828
Registered: ‎12-09-2012
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Re: My FHA Odds

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.

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Super Contributor
Posts: 5,060
Registered: ‎03-06-2010
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Re: My FHA Odds

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.

Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
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Re: My FHA Odds

$470,000 with only $60,000 in income? I agree that we need more information. Your mortgage payment would be more like $3,000 a month.
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Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
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Re: My FHA Odds

If you put 50-60% down you may have a chance....

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Regular Contributor
Posts: 238
Registered: ‎01-29-2012
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Re: My FHA Odds

Yea i guess i shoul be realistic. What about conventional on a 319000 house?? Is this realistic?

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Valued Contributor
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Registered: ‎12-19-2012
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Re: My FHA Odds

The most you can afford with your income is about 4x your salary, which would be $240,000. It is very likely your preapproval will at or less than that amount. So for a $319,000 home, you would need $79,000 as a downpayment.
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Regular Contributor
Posts: 238
Registered: ‎01-29-2012
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Re: My FHA Odds

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

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Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
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Re: My FHA Odds

If you both made total, $80,000 a year, you could get approved for up to $320,000. It is just 4x your salary. This is typically the max amount. Your debts could lower the amount of the home you can purchase.
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Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
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Re: My FHA Odds

For instance, 4x my salary is $384,000 but I got approved for $360,000 because of my debts. We are closing in a week on a $347,900 home.
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