think i can get a home loan with this situation?

[Anonymous]

Typically I think houseing is 31 and total is 43% for FHA... It used to be 29 and 41% I believe.  Anyways, you can get approved at 41% housing DTI but it is tough.  You have to have some compensating factors such as outside income, high FICO, great job history, etc.

[Anonymous]

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@Anonymous wrote:
Typically I think houseing is 31 and total is 43% for FHA... It used to be 29 and 41% I believe.  Anyways, you can get approved at 41% housing DTI but it is tough.  You have to have some compensating factors such as outside income, high FICO, great job history, etc.

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Thank you.That sounded much better than what I was trying to say. Hehe.

[Anonymous]

Maybe I misunderstand or missed something.

I thought OP said he had gotten a raise to $2200 biweekly, which is $4400 monthly.  43% of $4400 is $1892.  If you deduct $569 car payment from that, you have $1323.

31% of $4400 is $1364.  Seems that if they accept pay stubs and a letter from employer, he has adequate income for a mortgage payment under $1000 as he suggested.

Did I misunderstand his income....is he only making $2200 per month paid biweekly?

[Anonymous]

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@Anonymous wrote:

Maybe I misunderstand or missed something.

I thought OP said he had gotten a raise to $2200 biweekly, which is $4400 monthly.  43% of $4400 is $1892.  If you deduct $569 car payment from that, you have $1323.

31% of $4400 is $1364.  Seems that if they accept pay stubs and a letter from employer, he has adequate income for a mortgage payment under $1000 as he suggested.

Did I misunderstand his income....is he only making $2200 per month paid biweekly?

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I actually was thinking the same but thought I was loopy. I'm exhausted and drained from my own horrifying experience. Though I think the front end ratio will still need to be in the 31% range, that still puts OP in range for the price that they were looking at. I think maybe the others missed the biweekly comment and maybe thought it was monthly?

[Anonymous]

whoopppssss! I missed the biweekly part. I am packing to move (provided I close Fri as planned...lol) and did not read well. I apoligize to the OP!

[Anonymous]

yes, 4400 a month. apology accpeted

[Anonymous]

I'm sure you could get a loan with that income. But, had you posted before you bought a car I would most definitely have advised you to NOT borrow money to buy a car!!! Think of how much nicer a house you could qualify for if you didn't have a $500+ car payment. . . What's going to impress chicks more (sorry other posters but there's just no other way to word it) - your now-not-so-new car that is worth a fraction of what you paid for it, or having your own place to live, possibly with a pool, hot tub, home theatre room, gourmet kitchen, lake view, or whatever? Something to think about.