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 r_townsl
Joined: 31 Jul 2010
Posts: 1
1.39 Dollars($)
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 Posted: Sat Jul 31, 2010 5:54 am Post subject: fha 203k loan |
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| Hi my name is Reuben. I have a property that I get rental income from and I want to purchase a house for me and my mother. The mortgage including taxes and insurance on the rental property is 1,920, and the mortgage for the property we want to purchase would be 1,850 including taxes and insurance. Our total income is 128,000 including 70 percent of the rental income, and our total dept would be 4,800 including both mortgages, taxes, credit cards, etc. Can we get an automated fha 203k loan approval and close on this property. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 10694
Location: bloomfield, ct
35.08 Dollars($)
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| Posted: Sat Jul 31, 2010 8:19 am Post subject: |
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There are too many other variables at play in the mortgage industry that would prevent anyone from giving you a specific answer at this time.
_________________
George M. Akerley
Credit & Lending Consultant
Word of Excellence
860-221-5044
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r_towns
Guest
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| Posted: Sat Jul 31, 2010 12:45 pm Post subject: fha 203k loan |
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| MY girlfriend will be living with me at the house also. I did not consider her on the mortgage because her credit is not that good. Her three scores are 597, 618, and 620. We lived together for seven years and if I can add her that would be another 35,000 annually added to the total income and 300 dollars towards the dept. Can she do anything to boost her credit up to 620 I heard that"s the score to be approved for fha 203k loans. |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2239
Location: New Brunswick, New Jersey
419.71 Dollars($)
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