Will I be approved for low income USDA home loan?

[Anonymous]

I applied for a USDA rural development single family home loan. My income is child support of about 800 a month and two disabled children receive 735 each from social security.

My debt is a car loan 18,000.. and school loans 40,000..

My credit scores are 58/676/ 662.

I have mutiple credit cards that I don't carry balances on.

[oldman425]

What are the monthly payments on the auto and school loans.  With USDA i'm pretty sure your mortgage payment can't be more then 29% of your income and your other debts can't be more then 41% of your income.

[Anonymous]

Car 370 and student loans are in deferment.

[Anonymous]

Car 370 and student loans are in deferment.

[oldman425]

Are you already talking to a loan officer?  They should be able to answer your questions and to be honest, I don't think you make enough money.  But please don't take my word regarding this issue because I'm not a professional by any means. 

[H-B]

I understand your student loan is deferred but what will monthly payment when will start the payment?  

[Threeof5]

USDA may have a different metric but in general, I use 1% of the student loan amount as a monthly obligation, even in deferment. This payment will start at one point, and the lender wants to know if you could handle the mortgage payment once you start paying on the student loan. I've had borrowers fight me on this but it's ultimately making sure they aren't stretched too thin when a known obligation needs to start being paid.

[krielly]

I don't mean to be negative, but it sounds like all of your income revolves around your children. What will happen when your children age and you no longer receive child support? How will you pay your mortgage?

As has been said, it's likely that 1% of your student loan ($400) will be calculated into your debt to income ratio. With that plus your car loan, your disposable income is likely not going to be enough to support a mortgagel