I was curious if you were still shopping for a home. Recently FHA has changed their guidelines to accept flipped properties under 90 days. So depending on the property you could use FHA OR if you go conventional on a flip you have to put down 20%.
There are many mortgage options available to you with your profile. Please feel free to contact me anytime if you have questions.
It sounds like a conventional loan might be an option for you, plus it would make you more competitive in the market as so many people are using FHA. I would be happy to give you a couple of names of lenders if that would be helpful. I would suggest talking to a couple because they can offer different things. Also, let me know if you need any help finding a home. Feel free to search our site for up to date listings at http://www.jscarealty.com/home-search/. Best of luck!
Erica Jones Starkey
JSCA Real Estate Group
Providing Superior Solutions for Your Individual Real Estate Needs
As Brad said your biggest hurdle will be the debt-to-income (DTI) ratio for <20% down conventional is 41%, FHA can go up to 55%. Take you total new PITI housing payment + any debt that shows up on your credit report (car loan, student loan, min monthly credit card payments) and divide into your gross monthly income to get your DTI
The description of your situation is one we come across on a regular basis. The answer to your question is yes there is financing available with a conforming/conventional loan. Loans meeting the standard conforming guidelines still qualify for 90% financing. Not every lender has it but it is available and we currently have it. Feel free to contact me for further details if you'd like.
NoJa Mortgage Corp.
888-880-6652 x 700