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Answers (3)
Best Answer
- Michael Eiden, "Michael.Eiden"
- Contributions:9
Depends Homebuilder:
The ratios for FHA are 29/41 meaning your housing expense shouldn't be more than 29% of your gross income $1,450. That is taxes, insurance and the mortgage payment. Your total debt (including the mortgage payment) shouldn't be more than 41% of your gross income $2,050.
These are just guidelines, I have seen higher ratios approved, it depends on your credit strength, credit and assets. A $225,000 FHA mortgage at 5.5% and .55% monthly mortgage insurance is going to be payment of about $1,380. It's borderline with your income, but with good credit and assets, you should be fine. Submit for a quote and see if you can't get approved and find your home :)
My 2 cents,
Michael
The ratios for FHA are 29/41 meaning your housing expense shouldn't be more than 29% of your gross income $1,450. That is taxes, insurance and the mortgage payment. Your total debt (including the mortgage payment) shouldn't be more than 41% of your gross income $2,050.
These are just guidelines, I have seen higher ratios approved, it depends on your credit strength, credit and assets. A $225,000 FHA mortgage at 5.5% and .55% monthly mortgage insurance is going to be payment of about $1,380. It's borderline with your income, but with good credit and assets, you should be fine. Submit for a quote and see if you can't get approved and find your home :)
My 2 cents,
Michael
- Clay Branch, "Georgia Loans"
- Contributions:7836
Debts that report to the credit bureaus like car payment, credit cards, etc need to total no more than about $500/month, added to the mtg of 225K, to fit the debt ratio norm. How much are your other payments?
- Naoma Doriguzzi, "Naoma Doriguzzi"
- Contributions:41
You should be but it also depends on your credit score and other debt if you can qualify for that amount. Also, can we prove your income with W-2's or are you self employed? If so, you will need to provide 2 years tax returns and we would go by your net income.
I make about $60000 a year and was wondering if this was enough to get a $200-225k FHA mortgage?
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