You can easily calculate how much loan you can afford.
You will need the following information:
- Monthly household income
- Monthly debt payments
- Vehicle Loans
- Credit Cards
- Student Loans
Most lenders require your total mortgage payment is less than 28% of your total monthly household income.
Your total debt payments including your mortgage, credit cards, vehicle loans, and student loans should be less than 36%
FHA Loan Requirements
- 500-579 FICO score requirement with 10% payment
- 580+ FICO score requirement for borrowers with at least 3.5% pay
- An evaluation must be done by an approved FHA appraiser.
- Mortgage insurance (MIP) is required
- Stable employment and be able to prove income with recent tax returns, W2, and check stubs
- Two years of work in the same company.
- No occupation co-borrowers allowed
- At least 18 years old
- Must occupy the house as the main residence
Let's get started..
Call us today to hear how we can help you find your dream home.
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