Zillow Advice: FHA and VA Loans - Can I get an FHA loan?

bufftimmy2, you are good ...

Wed, 05 Aug 2009 11:54:00 GMT

bufftimmy2, you are good to go! You will get a deferment letter but you could qualify with the payment anyway,
Step 1 - Contact John Paunan in IL, click on picture and send email
Step 2 - Preapproval
Step 3 - Contract a House
Step 4 - Close and add another 5/5 review to his mountain of reviews

You should be okay. Generally, ...

Wed, 05 Aug 2009 11:42:00 GMT

You should be okay. Generally, student loans that are deferred for at least 12 months are not counted in your debt-to-income ratios for FHA mortgages.

Based on the information provided, and using your income, anticipated property taxes, estimating homeowner's insurance and FHA mortgage insurance premiums, and assuming you're putting just 3.5% down, you should be able to qualify for an FHA mortgage of $185,000.

Speak to a loan officer in your area and get pre-approved for a mortgage before you go house hunting. And good luck!

I would recommend speaking ...

Wed, 05 Aug 2009 06:49:00 GMT

I would recommend speaking to a local mortgage broker in your area. They would be able to determine a pre-approval for you. After taking a loan application and pulling a credit report along with collecting your income and asset statements your file will then be run through an AUS(automated underwriting system) which will either give Approve or Refer findings. If you get Approve findings that means you can qualify for more as opposed to Refer which means lower ratios and a manual underwrite.