Will I qualify for an FHA

[luckyashes04]

My middle score is 653.  I make $5300 gross a month.

I have a few things in my DTI

   Child Support $700

   New mortgage payment $965

  2 Credit cards $35

   Student Loan pmt $90

  Car note $352

I also will have to include my wife's student loan which is defered right now so we are not sure what those payments will be, LO said she will get an estimated payment so it will be added into my DTI.

We are hoping that my DTI will be no more than 50%.

The only thing still negative is an old collection of like $8,000 that is 4 years old. My LO told me not to pay it, just to see what happens with the UW.

I would like some opinions on if you think I will qualify. My wife is really stressing out about it, and we wont hear anything for about 2 more weeks from the UW about a conditional approval. I have heard that they take a little longer to complete each step because there is more time to do everything because we are having the house built, and it wont be ready until May anyways.

Thank you in advance for your opinions/advice

[DallasLoanGuy]

i have seen deals like this go thru  fine

[tooleman694]

What kind of mortgage do you have right now.

[luckyashes04]

I dont have one, we are renting in an apt

[MovingForward_2012]

An $8000 collection is very significant. Be prepared to pay it just in case. Make sure that you CAN pay it if it needs to be paid. Sometimes they will let you pay it at closing by rolling it into the loan. You don't want to lose everything you are putting into a new construction because you went off the initial premise that it didn't have to be paid. What is your credit score?

[MovingForward_2012]

Never mind. I just saw your score is 653. That is borderline so definitely be prepared to pay it.

[JM-AM]

Is your mortgage payment present 965? Or is that your rent? Or an assumption of new mortgage payment?

[luckyashes04]

Our current rent payment is $850, our new mortgage payment will be $965.

[JM-AM]

It is doable, as mentioned by Dallas I have also seen them go through all the time.