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@Anonymous wrote:
My wife and I are planning and getting a house either in August or October of this year.
I think my debts are about $23000 and hers is $1100. My income is about $62000 and hers is about $35000.
Total debts don't really figure much in deciding what you can afford or will qualify for. What's a biggie is how much per month is your outlay. That's where your Debt-to-Income (DtI) is figured.
We want to get a house in Brooklyn, NY which is about $390000 Would we able to qualify for a mortgage? Should we try Conventional or FHA? We do hav about $14000 to put down.
FHA requires 3.5% Down Payment (which, of $390K, you have a teensy bit more than) and you'll have a fairly nominal MIP (Mortgage Insurance Payment) . If you went conventional, you'd need to plunk down at least 20% to avoid a HIGH PMI (PRIVATE Mortgage Insurance). If you're looking to save money, FHA is probably the way to go.
Does anyone do 100% financing anymore
Nope. 100% financing is gone, gone, gone. I do think, though, that a senator is busy, busy, busy trying to bring it back, though.