It'll be myself and my 2 children. I've been renting for almost 4 years, paying 2000 a month. My lease is ending in April next year and I want to be approved and find a home by then. I filed for Chapter 13 BK last October. It'll be a year next month. Never missed a payment and never late. I understand that I will have to get approval from the court.
This will be my first home. I'm not making payments on anything currently. My car is paid off, the only thing I have are student loans which is a few hundred a month. I pulled my FICO scores today and my TU Fico Mortgage Score 4 is 651, my EQ Fico Mortgage Score 5 is 611. EX is unable to give me a FICO score.
So my question is, obviously a FHA loan will probably be best. With my condition and scores, would I qualify for 3.5% down FHA loan?? Also, would I qualify for any 1st time home buyer grants??
Also, being in a Chapt 13 payment plan, I'm nervous on how this will go. If anyone has experienced obtaining a mortage loan while in a Chapt 13, please share you stories.
Also, any tips on improving my scores? Thanks!!
Current Score: TU 633 
There is no minimum or maximum income for a FHA loan.
Per FHA website:
When it comes to income limitations and requirements for FHA home loans, there is no minimum or maximum.
When it comes to the “minimum” amount the applicant must earn, FHA loan regulations focus more on the borrower’s ability to afford the mortgage loan--your debt-to-income ratio, repayment history on financial obligations, job and income verification and other factors are paid close attention to, the dollar amount of the gross income earned is not as important as the amount of money left over from that income once your monthly bills have been paid.
Furthermore, FHA loan rules do not say that it’s possible to earn “too much” to qualify for an FHA loan--these loans are for any qualified borrower, not just people who cannot afford a conventional home loan.
There ARE loan guaranty limits associated with FHA mortgages, but that is related to the specific amount of the FHA loan (determined by zip code) that the FHA will guarantee. A borrower may, depending on circumstances, be eligible to borrow more than the FHA loan guaranty limit, but the borrower would have to financially qualify and may be required to pay more money down. Speak to a loan officer about situations where this may apply.
THIS POST WAS IN REPLY TO ANOTHER WHO THOUGHT THERE WAS A MAXIMUM INCOME TO GET A FHA LOAN. POST HAS BEEN DELETED, BUT IM GOING TO LEAVE THIS UP HERE. JUST DONT WANT TO CONFUSE ANYONE AS TO WHAT I WAS ANSWERING 
@Anonymous wrote:There is no minimum or maximum income for a FHA loan.
Per FHA website:
When it comes to income limitations and requirements for FHA home loans, there is no minimum or maximum.
When it comes to the “minimum” amount the applicant must earn, FHA loan regulations focus more on the borrower’s ability to afford the mortgage loan--your debt-to-income ratio, repayment history on financial obligations, job and income verification and other factors are paid close attention to, the dollar amount of the gross income earned is not as important as the amount of money left over from that income once your monthly bills have been paid.
Furthermore, FHA loan rules do not say that it’s possible to earn “too much” to qualify for an FHA loan--these loans are for any qualified borrower, not just people who cannot afford a conventional home loan.
There ARE loan guaranty limits associated with FHA mortgages, but that is related to the specific amount of the FHA loan (determined by zip code) that the FHA will guarantee. A borrower may, depending on circumstances, be eligible to borrow more than the FHA loan guaranty limit, but the borrower would have to financially qualify and may be required to pay more money down. Speak to a loan officer about situations where this may apply.
THIS POST WAS IN REPLY TO ANOTHER WHO THOUGHT THERE WAS A MAXIMUM INCOME TO GET A FHA LOAN. POST HAS BEEN DELETED, BUT IM GOING TO LEAVE THIS UP HERE. JUST DONT WANT TO CONFUSE ANYONE AS TO WHAT I WAS ANSWERING
Yeah that was my mis post,I was thinking about the home club im in which has a limit. Sorry.
@Anonymous wrote:There is no minimum or maximum income for a FHA loan.
Per FHA website:
When it comes to income limitations and requirements for FHA home loans, there is no minimum or maximum.
When it comes to the “minimum” amount the applicant must earn, FHA loan regulations focus more on the borrower’s ability to afford the mortgage loan--your debt-to-income ratio, repayment history on financial obligations, job and income verification and other factors are paid close attention to, the dollar amount of the gross income earned is not as important as the amount of money left over from that income once your monthly bills have been paid.
Furthermore, FHA loan rules do not say that it’s possible to earn “too much” to qualify for an FHA loan--these loans are for any qualified borrower, not just people who cannot afford a conventional home loan.
There ARE loan guaranty limits associated with FHA mortgages, but that is related to the specific amount of the FHA loan (determined by zip code) that the FHA will guarantee. A borrower may, depending on circumstances, be eligible to borrow more than the FHA loan guaranty limit, but the borrower would have to financially qualify and may be required to pay more money down. Speak to a loan officer about situations where this may apply.
THIS POST WAS IN REPLY TO ANOTHER WHO THOUGHT THERE WAS A MAXIMUM INCOME TO GET A FHA LOAN. POST HAS BEEN DELETED, BUT IM GOING TO LEAVE THIS UP HERE. JUST DONT WANT TO CONFUSE ANYONE AS TO WHAT I WAS ANSWERING
Yeah that was my mis post,I was thinking about the home club im in which has a limit. Sorry.