Question for Shane or anybody

[Anonymous]

about the Ameridream down payment assistance program.  Can you include this program with the home to own program where you get the 5.1% interest rate?  I know you have to go through FHA, what requirements do they have.  On an auto loan that is due to be paid off in the next few months, will it be counted into my DTI ratio?  I just have so many questions. Is it possible to get an increase in the amount that can be borrowed  if in your future you will be making more money, for example I just finished college and I have to pass license test and then get a promotion at my job or find a new one.  I currently make 35000 working 2 days a week.  I was wanting to buy in the 130K or less range.  How much of a down payment do you think they would let me have? thanks

[ShanetheMortgageMan]

I'm pretty sure you can include it with the home to own program, although I'm not familiar with the home to own program guidelines.  Is there a website for that program you can reply with?

If your auto loan has 10 payments or less remaining then it can be excluded from your DTI calculation.

The loan amount you can obtain will be based on your current income most of the time, only exception is if your employer will guarantee (in writing) you will make more income in the future, then on a case by case basis it could be considered for some programs, FHA wouldn't consider it though.  $35k might just qualify for a home in the $130k range depending on what your minimum payments are on your consumer debt.  Are you working full time or part-time?  How long have you been working there?  Is it related to what you majored at in college?

www.Ameridream.org will give you up to 10% of the sales price towards down payment & closing costs.

Feel free to ask as many questions as you like here, and as often as you think of them.

[Anonymous]

I part time, but I have been working there for almost three years. Started out full time, which for me was three days, the went to 2 days so I could stay with my children more.  I focus my time around them.  I have a disabled son that takes up alot of time.  I majored in nursing. You can find the home to own program on the same website as the Ameridream program.  Thanks 

[ShanetheMortgageMan]

Since you've been there for at least 2 years then you should be able to use the income to qualify.  I searched all over www.ameridream.org and couldn't find the program you mentioned, perhaps I'm blind though.  Do you have the exact link?  What are the payments on your other consumer debt?