Will I qualify

[lynz_9114]

So I have really been worried about posting all of this here, but it is driving me crazy lately and need some advice!  I really want to buy a house I recently looked at but am terrified of the mortgage process.  Here is my deal:

scores are 640,660, and 699. 

I have a auto loan thru USAA with 10800 left on it payments are 349 a month, I pay more. 

Student loans totaling about 58000.  I put my federal ones on forbarence becuase it is easier for me to just pay one off every 3 months and lower my overall loan payment after the forberance is up if that makes sense (and no they don't accrue interest). 

I have 2 cc both with capital one, they have 500$ limits each and my balance is paid every month and never is over 300$. 

I dont have much in savings because every month and a half I pay off a student loan.

I would like to try and get an FHA loan for around 150,000 do I have any chance at all?

Oh and I have no late payments listed on my cr for the last 4 years, and all collections paid off (it will be a year in june).

[lynz_9114]

Oh and my income is roughly 64,000

[jasonnewrate]

If you are looking for a loan of roughly 150k your payment will be approximately 750 plus tax and insurance and mortgage insurance. To make an approximation you will pay roughly 1100 to be safe per month. Estimating your payment with your auto loan and student loans your DTI roughly should be under 43% which would allow you to qualify. FHA also on case by case scenarios goes above this DTI threshold. WIth the given scenario it looks like you have a good shot. 

[lynz_9114]

Thank you so much for your reply.  My husband will probably also be on the loan however I don't know his info off the top of my head, although I do know it will drastically decrease our DTI since he really dosen't have much debt and makes about the same as I do.

[edcampbell613]

I see your loan at USAA, are you elig for a VA loan?

[lynz_9114]

Yes my husband is eligable for a VA loan, do you think that would be a better option.  I have heard that they can be pretty picky about what they approve and the farm we are looking at does need a bit of work so I just figured VA loans wouldn't be an option.

[ShanetheMortgageMan]

VA & FHA have similar property requirements.  USDA is a little pickier.  You mentioned a farm, is this a working and/or income producing farm or just a few outbuildings?