I'm no expert but to give you an example: My income is 91K and with my debt to income ratio, they told me I can afford 180K. I think there are alot of factors involved..down payment, debt, etc. You should consult a mortgage broker for a free analysis!
Your scores look solid for a good APR. However, without your DTI (monthly minimum payments [of CCs, loans, alimony, child support] divided by monthly gross income), you can't determine how much of a loan your bank/CU will extend.
You need to total up all your monthly debts (student loans, auto, CCs, etc) and figure that as a percentage of your pre-tax income. The "typical" percentage is that your housing PITI payment (principal, interest, taxes, and insurance) be no more than 28% of your income; total debt payments including PITI should not total more than about 36% of your income.
Figure homeowners insurance will run about $100/mo, property taxes maybe $160/mo (assuming 1% property tax minus some sort of homestead and mortgage tax credits), and that leaves about $930 for principal and interest. With a 20% downpayment on a $220K townhome, you'd be looking at $880 or so in principal and interest (assuming 4.375% interest rate AND assuming your middle credit scores are 740+).
Each lender uses their own guidelines, so it is best to consult with a loan officer if you have any questions. FHA might have higher debt-to-income limits, they definitely allow for a lesser downpayment.
But definitely speak with them. It sounds like there is a good chance to qualify for that amount.
Thanks for the info guys. Well currently no minimum payments on cards currently have them at 0, only 350 on my car lease. Student loans are deferred. How do i go about finding a broker or getting the fha process started?
For how long? To my knowledge (please someone correct me if I'm wrong) conventional loans consider all of your student loans in your monthly debt no matter how long they're deferred. FHA loans only ignore them if they're deferred at least 12 months from the date of closing and you have documentation to prove that.
That's my understanding as well. I know USDA doesn't care that they're in deferrment. I believe FHA is the only one that does if they will continue to be deferred for 12 months as the above poster said.