How to Mortgage House with 50% down.

[uroosa1]

Here's The situation of a friend:

He wants to buy a house 120k. he has 60k down.

But only has 12k year on tax return. His fico is around 670.

Can he somehow get a FHA Loan. Is the 60k down verified?

[StartingOver10]

Yes, he can get an FHA loan with 50% down. Yes, all funds are verified.

He also can get a portfolio loan rather than an FHA loan and then he won't have the MI to pay.

[JM-AM]

His or her income still may be an issue.

Balance if 60k plus insurance and taxes may be out of their price range.

With 12 k a year it wont be feasible and most likely unaffordable.

[tooleman694]

You cant even buy a car with 12k a year, could you even buy a home.

[StartingOver10]

I'm sorry, I was wrong. ^^^The above posts are right. DTI and actual income to afford the loan are still the major factors. I don't know what I was thinking with a $12k/yr income