Would I qualify for an FHA Loan in NY Or should I wait?

[irod1277]

My income is $40k. 

My FICO is between 600-630

Monthly payments on loans, cc's, pension & Union dues are about $900 a month.

I am not looking to spend anything over 200,000. 

What would I realistically qualify for?

Any and all help is appreciated.

[irod1277]

I have been with my employer and in my apartment for 5 years.

[Anonymous]

Your credit is fine but your DTI would be too high with the payment on a $200,000 mortgage. You would have to make about another $25,000 a year with your current monthly debt load. If you can reduce your monthly debts, you will be better off. 

[Anonymous]

You dismiss the pension and union dues, they look at the monthly  gross income.

I'm thinking a 200k house, with the hideous property tax NY is famous for, might be a stretch for you.  You have 900 already going out each month, so I dunno.

[irod1277]

Thanks for your input. I will work on lowering my DTI and raising my income. 

[Peter1142]

Sorry, but IMHO, buying a $200,000 house in NY with $40k of income isn't really going to work, even with 0 in other debt payments... you can't expect to never need credit... it is going to be extremely tight and unmanageable, and any home in NY (downstate that is) that is under $200,000 is going to need possibly significant repairs. I suggest trying to increase income, or wait until you get married

[irod1277]

Thank you for your honesty. I appreciate that and I guess dreams of home ownership just aren't for me.

Hmm I feel like I should comment on your wait til I get married remark but I wont go there just as you should've done.

[Peter1142]

Sorry I didn't mean offense... I wasn't trying to be a smart ass, most people get married. Owning your very own home by yourself is a tough financial prospect for the vast majority of people.

I didn't say that the dream of home ownership isn't for you. You could always buy a house with someone else, or move somewhere more affordable.

[Lemmus]

...aren't we politically correct today! ...the simple fact is that a domestic partner (choose your preference) brings another well accepted income source into the mortgage/financial picture ...I don't think its out of line to mention that option ...imnsho of course 

...that said, though your income is not going to support buying a mansion or water front view (mine won't either), it will support an affordable mortgage, even in NYs sky high property tax (and rent) environment ...but you will have to get your DTIR under control first ...there are a wide variety of low/moderate income state and federal home ownership assistance programs available to you that will not only assist with your down payment and closing costs but, if you qualify, will even subsidize your mortgage payments ...thus your dreams of home ownership are within your reach, but you have to stretch a bit, eh

...I highly recommend you go to the Shane sticky at the top of this forum that lays out the info we need to provide the best advice we can on your situation ...without that info we're really throwing darts in the dark ...come back here and post that info in the format Shane recommends ...we may be able to point you in the direction you need.

...old saying but true ...where there is a will, there is a way ...hth

[irod1277]

Ok let me try it again if I missed anything let me know.

Credit score 600-630
Income: 40k (+ if I work overtime and holidays)
Source: NYC Medical Examiner's office I work as a clerk. I have been a NYC Employee for 7 years and I'm currently interviewing with other city agencies that pay more (and are Monday-Friday weekend work sucks).
Monthly Debt: $900 cc & loan (10000) I'm also buying back time in my pension
Reserves: I have $9600 and I recently joined the pension.
Location: I am looking in Westchester County or the 5 Boroughs (5 boroughs is not realistic)
Property: Single Family
Value: up to 189,000
It would be my primary residence
And it would be a purchase

And I understand that getting married or having a partner of any kind would make it easier sometimes those types of things aren't in the cards for some ppl.

I hope this format is a more suitable one.