not sure if I will qualify for a 30 yr FHA mortgage. first time buyer concerns

[bubbe2005]

1. Credit.  no negatives, no collections, FICO score 644
2. Income.  My income $47,000, husbands income $23,920, joint income $70,920
3. Source of income.  employment
4. Monthly debt payments.  

Discover credit card $300

Citi secured credit card $64

My amazon credit account $41 

Husbands amazon credit $73

My bill me later $500

Husbands bill me later $200

no car payments- both owned.

total current outstanding debt to this date: $1182

8. Employment : I was temping/IT contracting for 2 years before being hired on full time this year in Jan. Hubby works as an hourly night time security offcer, has a full time one and a part time one

9. Assets/Reserves.  we have 6 months worth of mortgage payments incase one of us loses our job, we also have $2000 for repair, we have $5000 for the down payment

Would like to have the $15,000 to avoid having to pay for PMI but it's not possible right now.

10. Location.  San Antonio, TX, but looking at SELMA, TX 78154 - lower property taxes.

11. Property: single family home

12. Value.  MAXIMUM $150,000, although we MAY qualify for more than that, $150,000 is our absolute maximum on a 30 years FHA.

13. Occupancy.  Primary residence

14. Transaction Type.  first time purchase.

we've been renting for 3 years now (1 yr apartment, 2 years in a single family home), and we really would like to buy our first home this year.

[tooleman694]

I think you will be fine, but I think you should probably buy something in the low 200k range.

[jzsnow]

Why in the low 200's? OP said max was 150k. Not being snarky, really intrigued!

[getmycreditright]

I'm sure he meant low 100s.

[jzsnow]

Their income would allow for the low 200's...that's why I was confused.

[getmycreditright]

Oh okay. Not sure why they're only approved for $150k

They don't have any real debt, so they could comfortably afford $200k.