Profile picture for user29123216

Could I qualify for a VA or FHA loan?

I already have a house across the country (FHA) that has at least 30% equity rental income is 1100, mortgage is 650.
My husband is active duty and makes 3200 a month gross pay.
but our monthly debt not including the mortgage is about 650, and I know you have to include the old mortgage in the debt. I don't think I can qualify for a va loan because my Debt to income is too close to the 41% not including what the new house payment.
Don't have much for a down payment either
would I qualify for a VA or FHA loan?
  • August 30 2013 - Hinesville
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Answers (9)

Profile picture for user4803333
I am trying to find out if I would qualify for a FHA mortgage  with a lower
credit score?  It is on a mobile home built in 1983 in the state of Florida.
  • September 05 2013
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You're actually getting the wrong figures below regarding DTI ratios...  Other lenders can go as high as 55% on the back end for FHA/VA loans-

The "standard" DTI ratios are below in some of these other answers, but the truth is, you have options...

I'd talk to someone that knows what they're doing-

Good Luck!
  • September 04 2013
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The short answer is yes. You can potentially qualify for a loan.  Which loan program and how much loan will depend on lots of things including credit score, down payment, and how your taxes are filed.
  • September 04 2013
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  • user29123216 : The best way to find out what programs you might qualify is to have a direct-personal conversation with a real live lender/person.  Explain your situation, disclose everything, have them pull your credit.... THEN they can give you some options. 


    Although a lot of lending guide lines have tightened up, there are still many flexible programs out there. 
    Good luck and if you need  a referral in Hinesville, shoot one of us an email.  Any professional Realtor® or Lender should have a database they can refer you thru. 
  • September 01 2013
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Profile picture for Brookstone Mortgage
"To know if you will qualify for a mortgage you MUST be right at or below the following percentages:"
 Conventional: 28% (housing expense ratio)
                        36%  (total obligations ratio)
                FHA: 31%
                        43%
                  VA: they don't use a monthly housing ratio, only a total                                    obligations ratio, which must be at or under 41%"
------
"Must?" 
Sorry to break the news to you Tammy, but that's not true. You really should not be quoting qualification ratios anyway unless you have a NMLS ID hidden somewhere.

User29123216,

It sounds as if you want to keep the old home that's a rental and buy a new one. You may be able to use that rental income to qualify. You will need to find an experienced lender (not RE agent) in your state to look at your situation. Search the Zillow directory in Georgia for loan officer Clay Branch.
  • August 30 2013
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Profile picture for tmongello
HI :) This is what you need to answer this question and how to do it: To know if you will qualify for a mortgage you MUST be right at or below the following percentages:
    Conventional: 28% (housing expense ratio)
                        36%  (total obligations ratio)
                FHA: 31%
                        43%
                  VA: they don't use a monthly housing ratio, only a total                                    obligations ratio, which must be at or under 41%
And THIS is how you figure it out: 
  Housing Expense Ratio= monthly house payment (PITI) including taxes and insurance divided by monthly gross income. $650 mortgage pymnt which includes the taxes and ins divided by $3200 monthly gross income= $650 div. by $3200 = 0.20312 = 20% so you would qualify for any of the above 3 types based on just that.
  NOW Total obligations ratio is the mortgage pymnt incl PITI + any recurring monthly debt (car pymnts, credit cards, student loan pymnts) divided by monthly gross income. This is where people may have a hard time sometimes. Just put in your figures. Monthly PITI+other monthly obligations div by monthly gross income to get your ratio and see which category it falls into. Hope this helps you. :)

  • August 30 2013
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Profile picture for bboyce
Your best bet is to talk to a mortgage lender, nearly all of them in the Hinesville/Savannah area are familiar with VA programs and they should be able to answer your question without having to run your credit, etc. Just Google "Savannah mortgage lender" and you should be good to go. Don't search "Ft. Stewart mortgage lender", you will get a lot of spam hits from fly by night companies, they target the military base keywords. I can recommend several that are reputable if needed. 
  • August 30 2013
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For a VA loan it's not all about the DTI. The VA loan has a unique component call the "Residual". This is unlike any other loan out there. So what does that have to do with DTI? Simple, I have seen VA loans approval way past 41% on the back end ratio. In fact I just closed one with a 51%. So, do yourself a favor, leave the income qualification to an VA loan expert. Please select your Loan Officer with prudence. Make sure you choose someone with lots of expertize dealing with govies and particularly VAs. Good luck for search for VA lender in GA.

Take care,
  • August 30 2013
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Profile picture for GMerino
Do you have any down payment funds available? if so how much 3.5%?
  • August 30 2013
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