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will l qualify ?

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dadcob34

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Post Posted: Thu Mar 04, 2010 5:15 pm    Post subject: will l qualify ?
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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 ?
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Icon Mini Profile gunzijjistaff
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Post Posted: Thu Mar 04, 2010 9:23 pm    Post subject:
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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.
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Icon Mini Profile gmakerley
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Post Posted: Fri Mar 05, 2010 9:38 am    Post subject:
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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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