Super Contributor
ShanetheMortgageMan
Posts: 8,254
Registered: ‎09-28-2007
Re: Please help Me please!!

Your job history may not be that big of a deal.  When you have an extended absence from the workforce, FHA requires you be back on the job for at least 6 months (which you have been, since you started in April of 2010) and that you can document the reason for your absence (having a spouse who was the breadwinner, and you raised the family, is a commonly acceptable reason) and that you can document a 2 year employment history prior to the absence (which it sounds like you may be able to, since you said you went back to a previous employer).  If that sounds like it's you, then you should be able to use the $4,500/mo income that you say you are making to qualify.

 

It wasn't really clear what type of monthly payments you have, it sounds like you have a lease at $389/mo + $112/mo (total of $501/mo) and then another car loan also at $389/mo with $4k left on it?  Wasn't sure if that's correct.

 

If so, your debt ratio is a little on the high side, about 51%, assuming that taxes run about 1.25% of the sales price in your area, and that the insurance would be in the $900/year range.  Not to say that couldn't qualify, but you'd have to exhibit some good compensating factors such as good credit scores (which a 739 score would be) and reserves/assets available after closing (which you'd only need a $7k down payment on a $200k sales price), and there it sounds like you have $17k+ in your name so if you can get the seller to pay closing costs you should definitely be good in that department too.  I'd also recommend you document that your husband pays the car lease in your name, it wouldn't be able to be excluded from your debt ratio but it certainly helps an underwriter feel more comfortable approving that higher debt ratio (without that lease, your debt ratio would be at 39%, right where FHA likes it).  But because of the debt ratio at 51%, I could see an underwriter wanting you to have at least 1 year on the job.  If you plan on applying after your 2010 taxes are filed, you should be close to the 1 year mark.  You should also file your 2009's if you haven't already, as the underwriter will verify that they've been filed.