FHA and child care

[Anonymous]

Does FHA could what you pay for child care into your DTI like VA does?

[DallasLoanGuy]

Actually, childcare is not included in DTI  on VA.

It is included in the supplement to the loan ap. called the 'loan analysis'

It is manually calculated to make sure the vet have enough risidual income left over after all payments.

[Anonymous]

Thank you Dallas. So can you look at these numbers and tell me what shape you think my husband and I would be in with a FHA or VA loan?
Income: Me: 75555/annually
Husband: 98000/annually + 10000/annual bonus paid out quarterly

Scores:

Me: TU 734 EX 712 EQ 723
Husband: TU 728 EX 728 EQ 721

Debt:

Truck 589
Loan 324
Loan 327
Mortgage 1833
CC 1: 80/ balance 6025
CC 2: 56/ balance 3820
Childcare: 1456/month

We don't have much in savings because we used dang near all of it to pay our oldest daughters tuition for private school. What would you say our chances are of getting a loan? Thanks!

Message Edited by kaeina on 05-07-2008 03:27 PM

[DallasLoanGuy]

well qualified.

if the income is allowable, you are in great shape.

1833? that is the proposed mortgage? that is what i assumed

[Anonymous]

What do you mean "if the income is allowable"? I'm sorry, I don't understand that part.

No, that is our current mortgage. We are looking at homes in the 200K - 300K range. I'm not sure what the payment will be for the new home. The taxes are around 2200 - 2500 in Culpeper, VA. That is where we are looking.

Thank you so much for your responses. I truly appreciate it!

Message Edited by kaeina on 05-07-2008 03:50 PM

[DallasLoanGuy]

sorry about that. i forgot to explain allowable.

if you guys have been in the same line of work for 2yrs you should be ok.

noone os 1099 or self employed?

[Anonymous]

Oh, you had me worried! LOL! No, I have been in my line of work for 8 years and my husband has been in his line of work for 10 years. Not self employed. Government contractors.

Message Edited by kaeina on 05-07-2008 04:13 PM

[DallasLoanGuy]

looks ok from quick calculations i did.

what are you doing with old mortgage?

[Anonymous]

We are selling our current house. We should be getting about 13K from the sale. That is calculating someone offering us 12% under asking. So, maybe we'll get lucky and they will offer more.