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My situation is similar but your debt and income are both a bit higher. We were approved FHA for $110,000. My husband makes 45,000 a year, I'm a full-time student. We pay child support for his daughter at $355 a month, a car payment of $181, credit cards are about $50, and a personal loan of $168.
With a couple they take the lowest middle score at the couple's score.
My husbands 680 684 655
Mine 650 680 661
His middle = 680, my middle = 661. So our score together is based on mine because it's lower = 661.
FHA is changing their requirement from 600 to 620, so your score might be an issue if your middle score is lower than your 630.
Personally i'd pull my 3 credit scores first just to find out because it doesn't go againt you as an inquiry. But you could just go to a lender and have them pull your scores too.
Your two car payments are a bit high, so your debt to income might be a problem. I'm still too new at this to tell for sure but thought i'd share my similar story
I have just run your numbers through a mortgage calculator and it's bad news. Your debt ratio is too high.
With a monthly income of $5700 and with only 1 car payment it would be possible.
I'm not an expert just a guy with a calculator. :-)
Yeah, with 2 car payments that high you will not be able to qualify for a mortgage. to show you what to look for, standard guidelines say your DTI ratio (debt-to-income) has to be under 43%, and with variable income (recent pay changes and your wife being off work for a couple months they will likely use an average earnings or the low end of you estimate) so:
4300 income at 43% = 1849
1849 allowed debt
507 (car)
517 (car)
150 (loans)
150 (cc debt)
505 left over for house payment.
Dont; take this the wrong way, but coming from someone who has 2 similiar car payments and kids, you are going to be stretched really thin.
4500 income
1350 rent or mortgage
507 car
517 car
150 loan
150 cc debt
1826 left after debt and rent/mortgage
That is really tight when you add insurance, gas, groceries, utilities, diapers, etc. Buying a house right now would be setting you up to be 1 emergency away from financial disaster. I have had this same dilemna and am glad I waited unitl I got a car paid off and my wife was making a little more money. Even if you could get approved now (which you could not), I would try to get one of the cars paid off ASAP to get that payment off your back and then get the CC paid off. Hopefully by then you will eb in a better position to do something.