Posted on: 28th Jul, 2009 06:24 pm
i receive 1,500 a month in child support and 9,000 a year for my adult son ssi and i am the payee and my gross income is 30,000. how much will fha approve me for a loan.
cynethia3
Welcoem to the forum
Incoem is not the only factor which will determine how much you qualify for a loan.
Your credti history and credit score also plays a very important raole in this.
You will need ot provide more details for our lenders on this forum to give you some numbers
Good luck and feel free to ask
Welcoem to the forum
Incoem is not the only factor which will determine how much you qualify for a loan.
Your credti history and credit score also plays a very important raole in this.
You will need ot provide more details for our lenders on this forum to give you some numbers
Good luck and feel free to ask
welcome to the forum
its not depends only on your income.it depends how much is your credit score.
its not depends only on your income.it depends how much is your credit score.
your qualification for FHA loan will not depend entirely on your income... There are several other factors that determine your qualification..... You should understand FHA requirements.
All the best... :D
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All the best... :D
[External links deactivated as per forum rules. Thanks.]
based on the post, it looks like you've got $57000 annually to work with. assuming that you'd be spending not more than 40% of your gross monthly income on a mortgage payment (a bit higher than you should), that means you could handle a payment of not greater than $1900 per month. that's pretty high, but i don't know where you live, so it might be reasonable.
what you'll ultimately qualify for, however, is going to be based (as previously noted) on your credit score and how much other indebtedness you have, as your overall debt ratio will play a large part in the process.
what you'll ultimately qualify for, however, is going to be based (as previously noted) on your credit score and how much other indebtedness you have, as your overall debt ratio will play a large part in the process.
