Trying to get an FHA

Welcome Samiam,

Your income should be such that the ratio of your total debt to the gross monthly income comes out to be 29/41. This is the value of the debt-to-income ratio which the FHA requires a borrower to possess.

If you are interested to know about How to qualify for FHA loans, please refer to a community discussion on this topic.

Can you help me a little further? I am not very good at figuring these things
out. I understand that my current debts and mortgage payment can't be
over 29% of my income..

Is this gross income or net? I make 41,000 per year gross and my monthly
obligations are only 100.00 at this time. What would I qualify for?

I forgot to add I also receive child support in the amount of 400.00 per month.

Hi Samiam,

"What is the income required to get FHA approval on $139,000?"

Which state you are in? The reason is that there are fha loan limits depending on where you are living. So you need to know if the amount of loan you want is within the loan limits set for you region.

"Can you help me a little further? I am not very good at figuring these things
out. I understand that my current debts and mortgage payment can't be
over 29% of my income..

Is this gross income or net? I make 41,000 per year gross and my monthly
obligations are only 100.00 at this time. What would I qualify for?

---

I forgot to add I also receive child support in the amount of 400.00 per month.
"

It seems you had asked this same question here also: http://www.mortgagefit.com/fha/childsupport-income.html

So please check this above mentioned page to know the answer other community members have given to your question.

Miller

it would appear that on the surface you do qualify for an FHA loan......have you applied with a lender or broker yet? There may be some other options available as well like mycommunity

The loan limit the OP has requested is well within the FHA loan limits (regardless of where the poster is from, FHA lends more then 140K in all areas)...

I would agree with the other poster---it appears that you would qualify for the FHA loan program I offer...

Regards,

Scott Miller

Added to what Scott said about fha loan limits, for fha loans the minimum loan amount called "the floors" is limited to 38% of the maximum conforming loan amount allowed for Fannie Mae/Freddie Mac loans. While the maximum limit ("the ceilings") for fha's is at 75% of Fannie Mae/Freddie Mac loan limits.

2007 Single-Family Mortgage Loan Limits for Fannie Mae loans is at $417,000, so 38% of it which comes to $158,460 will be more than what you require.

Thanks
Blue