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Trying to get an FHA

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samiam Guest 0.10 Dollars($)	Posted: Fri Jun 08, 2007 8:41 pm    Post subject: Trying to get an FHA What is the income required to get FHA approval on $139,000? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
adonis Joined: 22 Oct 2005 Posts: 1446 Location: ALASKA 137.08 Dollars($)	Posted: Fri Jun 08, 2007 9:28 pm    Post subject: Welcome Samiam, Your income should be such that the ratio of your total debt to the gross monthly income comes out to be 29/41. This is the value of the debt-to-income ratio which the FHA requires a borrower to possess. If you are interested to know about How to qualify for FHA loans, please refer to a community discussion on this topic. _________________ Procrastination is the enemy of your financial sucess
samiam Guest 0.10 Dollars($)	Posted: Sat Jun 09, 2007 7:05 am    Post subject: Can you help me a little further? I am not very good at figuring these things out. I understand that my current debts and mortgage payment can't be over 29% of my income.. Is this gross income or net? I make 41,000 per year gross and my monthly obligations are only 100.00 at this time. What would I qualify for?
samiam Guest 0.10 Dollars($)	Posted: Sat Jun 09, 2007 7:08 am    Post subject: I forgot to add I also receive child support in the amount of 400.00 per month.
miller_st Joined: 17 Jan 2007 Posts: 917 168.84 Dollars($)	Posted: Sat Jun 09, 2007 3:46 pm    Post subject: Hi Samiam, Quote: What is the income required to get FHA approval on $139,000? Which state you are in? The reason is that there are fha loan limits depending on where you are living. So you need to know if the amount of loan you want is within the loan limits set for you region. Quote: Can you help me a little further? I am not very good at figuring these things out. I understand that my current debts and mortgage payment can't be over 29% of my income.. Is this gross income or net? I make 41,000 per year gross and my monthly obligations are only 100.00 at this time. What would I qualify for? I forgot to add I also receive child support in the amount of 400.00 per month. It seems you had asked this same question here also: http://www.mortgagefit.com/fha/childsupport-income.html So please check this above mentioned page to know the answer other community members have given to your question. Miller
ckalvesmaki Community Experts Joined: 28 Jan 2006 Posts: 378 Location: Dallas 56.65 Dollars($)	Posted: Tue Jun 12, 2007 6:21 am    Post subject: it would appear that on the surface you do qualify for an FHA loan......have you applied with a lender or broker yet? There may be some other options available as well like mycommunity _________________ Cedric Kalvesmaki ***Professional Disclaimer*** While I am a Mortgage Professional, this advice is generic in nature only. 888-383-9019 emails and PMs gladly answered www.freedommortgagetexas.com Freedom Mortgage I live in TX but cover all 50 states
ezmortgageloanz Moderator Joined: 06 Apr 2007 Posts: 124 Location: National 37.57 Dollars($)	Posted: Wed Jun 13, 2007 1:14 am    Post subject: The loan limit the OP has requested is well within the FHA loan limits (regardless of where the poster is from, FHA lends more then 140K in all areas)... I would agree with the other poster---it appears that you would qualify for the FHA loan program I offer... Regards, Scott Miller _________________ National FHA Mortgage Broker www.BadCreditMortgageMakeover.com
blue Joined: 21 Oct 2005 Posts: 1138 Location: MARYLAND 137.62 Dollars($)	Posted: Wed Jun 13, 2007 5:19 pm    Post subject: Added to what Scott said about fha loan limits, for fha loans the minimum loan amount called "the floors" is limited to 38% of the maximum conforming loan amount allowed for Fannie Mae/Freddie Mac loans. While the maximum limit ("the ceilings") for fha's is at 75% of Fannie Mae/Freddie Mac loan limits. 2007 Single-Family Mortgage Loan Limits for Fannie Mae loans is at $417,000, so 38% of it which comes to $158,460 will be more than what you require. Thanks Blue _________________ Lets help each other. Try my blog

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