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FHA Loan Approval

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FHA Loan Approval

Hi all,

I am looking to purchase a home in the next few months and hoping to obtain an FHA loan as this is my first time buying. I have about $10,000 saved for a down payment. I have read that FHA will allow a DTI of 56.99 of 50% more realistically for the back end. My DTI is higher unfortunately because of student loans ($58,000 total) I am exploring all of my options because even with student loan debt I want to own a home! If my math is correct the purchase price of a $170,000 home would put me at about 50% DTI.

Desired Loan Ammount - $170,000
Income - $50,000 per year
Monthly Debt obligations - $900
Credit Score - 690

Thank you for any input!
2 REPLIES 2
Established Contributor

Re: FHA Loan Approval

What are those "other" monthly debt obligations?

Are there any that can be paid down or off that would lower a monthly payment level?

 

Just because FHA can approve you up to 56.99% doesn't mean you want to walk into the application process at that highest level---just in case something goes squirrelly or changes. 

 

Other than that your profile appears good.

 

 

__________________________________________________

Licensed NC Mortgage Loan Originator
Message 2 of 3
Member

Re: FHA Loan Approval

Hi there, thanks for the reply!

The other monthly debt obligations are as listed;

Student Loan: $499
Car Loan: $242
Minimum Credit Card Payments: $158. Trying to pay them off...
Message 3 of 3
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