New Member
Posts: 3
Registered: ‎07-31-2009
Re: Evaluating Conventional vs. FHA (VA & USDA)
Hi Shane! I appreciate all of the valuable info that you are sharing with us on the forum. I have been reading all of your threads as I am getting myself ready to purchase a home by the end of this year. I want to go for an FHA loan but I think my problem will be the debt to income ratio due to write offs on my tax return. Do the underwriters view different types of write offs differently or is the AGI the main focus? Also, I filed taxes jointly with my wife last year but do not want to include her in the loan due to her low credit scores, is it possible to exclude her and still use her as a source of income? My credit scores are 690 TU 650 EQ and 660 EX plus score. Income last year of $33K and wife about $30K. This year income of $40K and wife $36K. Last year's AGI $50K after a business loss write off of $12K. I have credit balance of only $300 and student loans of $28K that are deferred until May 2012. What are my chances at qualifying for an FHA loan in Miami, FL and for how much based on the info I provided? Your response is very important to me.

Starting Score: EQ 598
Current Score: EQ 648 TU 706 EX 694
Goal Score: EQ 670 TU 720 EX 710

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