do we qualifie for a fha loan around $150,000

luchynel · Joined: 17 Sep 2008 Posts: 1 1.29 Dollars($)

me and my wife first time buyer,
my credit is weak 580,my wife fair 660
total monly gross income 75,000
monthly debt car loan =$542 total $24,000,credit card $250 total debt=$9,000
$13,000 in 401k
$6,000 in saving account

Caron · Posted: Thu Sep 18, 2008 5:09 am Post subject:

Hi luchynel,

Considering the credit score that you have, FHA loan could be an option for you. But you'll have to check out the maximum loan amount that's available in your county. In which county do you stay?

What is your debt-to-income ratio? Your total monthly debt payment shouldn't exceed 41%-43% of your gross monthly income. You can just check your DTI by using the Debt-to-Income Ratio Calculator.

I must say you have accumulated good savings. This could make up for the cash reserves that lenders ask for.

Good luck

gmakerley · Posted: Thu Sep 18, 2008 8:07 am Post subject:

luchynel, it looks like your ratios would work out. the bigger question in this situation is your credit. how that score got to 580 is critical; furthermore, what has transpired concerning any collection or charge off activity is crucial. if you've paid off any and all bad debts, you'll have better prospects of obtaining a loan. if there are debts that are not paid, they will need to be paid in full in order to get an approval.

as caron noted, your income and assets would seem to paint a pretty picture for you, so far.

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