can l qualify

Are you stating you have debts totalling $500 per month or $500 as the total balance of your debt(s)? I hope we can help...

my monthly debt payments is $500.

Your Debt-To-Income ratio is a little above the standard for automated approval, but you do qualify based on the figures you have given. I would recommend you staying below the $320k mark and try to stay around $300k so you don't over extend yourself. I hope this helps...

Hi, Well 500 a month for your debt. You make around 5k a month after taxes? I would say to stay around 300k for a loan. You can have someone here run the numbers for you. Your fico score of 700 is good, income is good. We need a little more info to help you out.

Thanks for the quick response . l intend to stay below 320k. l have one more question is my qualification based on me putting down all the 30K or l can just put down 3.5 and still qualify ?

Hi John,

If you are going for an FHA loan, a down payment of 3.5% should be enough to qualify you. You need not put down 10% of your purchase price to get approved for the loan. However, apart from the 3.5% down payment, you will have to pay the closing costs and an upfront MIP for the FHA loan. A credit score of 620 is required for FHA loan. So, creditwise you will definitely qualify for an FHA loan.

you are definately qualify

Hello John, I am not sure how everyone is so quick to state that you qualify. On just your income against your assets with a mortgage of 300,000 and a rate of 5.5% your ratios are 35/41 which are certainly approvable. The problem is you need to include your taxes and your insurance and also your private mortgage insurance to see if you do in fact qualify. I think it will be tight depending on these variables. If you have any questions let me know.

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Thanks everyone . Is good to know that l do qualify but like Brian is saying if the taxes is around 4500 and insurance is somewhere around 100 a month can l still make it ?

The other thing I did not see mentioned is if you are looking in TX outside of the San Antonio area the FHA limit will be $271k. Hope that helps.

gregg@amflending.com
Dallas, TX

am looking in the MD area montgomery county to be precise.

Those numbers do look really good. And yes with FHA you can put as little as 3.5% down payments.