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Am buying a home worth 220,000 .Am putting down 3.5% .My income is around 65k . The issue is my 2008 taxes l wrote off almost 20k as expense and l have a debt payment of 922 a month can l qualify for a loan with my 2009 taxes ?

gunzijjistaff · Joined: 07 Apr 2009 Posts: 712 4.51 Dollars($)

Hi,

You should apply for FHA (Federal Housing Administration) Loan. You have to put 3.5% as a down payment. 620 credit score. Most recent bank statements & other required paperwork, then you will be eligible to get loan.

Thanks & Regards.
gunz.ijjistaff Laughing

gmakerley · Posted: Fri Mar 05, 2010 9:38 am Post subject:

dadcob, i presume that the $20K writeoff brings your income down to $45K. is that right? if so, i'm going to suggest that your quest for that home won't be successful based on what you've noted are your other expenses.

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will l qualify ?