do i have a chance to get a approved for a loan

[Anonymous]

looking to apply for a loan in Aug... my fico scores from this site shows equifax and 675 and my transunion score at 676, I have no car payment just a credit card with a balance of 20 dollars. I have one 500.00 chargeoff from Bank of America that will come off in Jan 2010. I only make 40,000 dollars a yr and have 7000 for a downpayment,i live in california is there a chance i can get approved for a FHA loan ? and how much house can i afford with my income and situation ? is there a tax credit bridge loan in california to help with closing cost ?

[Anonymous]

I think you would be approved. Your scores are good and the collections are old. No late payments in the last year?

I know housing in many areas of California can be expensive so how much would you need to be approved for to buy a decent house in your area? You'll also want to have a rough idea of the taxes for that specific area.

In your current situation the online calculator says roughly $110k to $140k but that will change depending on taxes and insurance.

Link to the calculator... http://cgi.money.cnn.com/tools/houseafford/houseafford.html

[BrianB_The_Loan_Professor]

What are homes selling for in your area?

Do you have older tradelines that are paid off?

You will need more than just what you have said

You may be able to get a little more than above but it would be stretching things

B