You only need a 580 middle score to finance with FHA, and 3.5% down payment. If on paper you can afford a mortgage, then you are set. Just call your broker of choice and make sure they dont do any FHA overlays on their guidelines. Some banks will take the FHA guidelines and add to them. If thats what you find, then call another lender. There are plenty that will write the note based solely on the FHA guidelines.
As for your payment and what you can afford, I believe FHA looks at 46% of your monthly income minus any installment loans or revolving payments that are showing on your credit reports to establish your max payment.
