Posted on: 31st Jul, 2010 05:42 am
I have a property that I get rental income and I want to purchase a house for me and my mother to live in. Our income is 128,000 including 70 percent of the rental income. The mortgage on the rental house is 1,920 with taxes and insurance, the mortgage on the house we want to purchase would be 1,850 with taxes and insurance. Our total monthly dept mortgage, taxes , credit cards etc. is 4,800. Can we get a automated fha 203k loan approval, and can we secure this loan.
Hi rtowns,
You should contact the local FHA lenders and apply for a loan. They will go through your financial situation and let you know whether or not you can get approved for a FHA mortgage with your present income and financial situation. Moreover, the lender will also check your credit score before approving you for a loan. Unless, you've a good credit score, you won't be able to qualify for the loan.
Take care.
You should contact the local FHA lenders and apply for a loan. They will go through your financial situation and let you know whether or not you can get approved for a FHA mortgage with your present income and financial situation. Moreover, the lender will also check your credit score before approving you for a loan. Unless, you've a good credit score, you won't be able to qualify for the loan.
Take care.
You would have to provide more information. Off the bat, your DTI is pretty high. What's the purchase price of the home you're interested in? Do you what the taxes and insurance come to annually. Typically, you don't want your back end ratio (Monthly Debts and PITI vs. Mo. Gross Income) to exceed 50%.
