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Hello to all. I have a few questions to what options I have. I am looking at a house that is a forecloser that needs some repairs. ~125,000 for the house but needs ~25,000 to 30,000 in repair last sold for 215,000 I am handy and can do most of the repair myself. So I am looking at the FHA 203k loan. I have 400 in car payment a month and take home gross 2600 per month. Credit is 631 and am working on getting some none correct items removed to improve it. So I should be able to quilify for a lone around 85,000?? I can get 40,000 for down payment plus more. Also my wife just finished her intern for being a radiology tech and is currently looking for a job, so she does not have much income now. She will have 150 in dept per month with school loans her score is 698. So we will have 550 in dept per month. With her income when she finds a job it should be no problem. Any sugestions or thoughts...

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

I think you shodul be able to qualify for the FHA loan

But yoru questiosn about $40,000/- was not clear

If you are thinking of making 20% down payment then it has to coem from your savings

jenkin7 · Posted: Tue Oct 06, 2009 12:31 am Post subject:

Hi Guest,

An FHA 203k loan is a good option for purchasing homes that are in need of repair. The best part about this type of loan is, it eliminates the need for two different loans. You can have a single loan to make the purchase, while the proceeds of the same loan can be used to do the required repair work.

Your credit is ok and you do not have too much of debts, only a $400 car payment each month. Your DTI ratio should not be much of a problem for you. The down payment amount you are ready to pay is also quite good. However, your wife may not qualify for the loan as she does not have any employment at present.

You can check out the How Much Mortgage Can I Afford Calculator and find out if your income is sufficient enough to help you get a loan of the required amount.

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options??