If your wife can qualify with only her income and both of your debt, yes, you can get an FHA loan. If she does not qualify with only her income and both of your debt, we can try a co-signor as long as the co-signor will be living in the home as their primary residence. If that does not work, we can try ann FHA loan AND the MCC Program. The MCC Program is used in conjuction with FHA loan to aid in qualifying. This program gives the homeowner an annual tax credit of UP TO $2,000 if they meet the criteria. Since you will be receiving this tax credit, your wife could adjust/lower her federal withholding on her W4 with her employer to receive more money on her pay checks. Lenders take the amount of the tax credit, divide it by 12, and reduce this amount from the monthly house payment FOR QUALIYING PURPOSES ONLY. I've helped many families with this program that would otherwise not have qualified. Call me to get started.
Vino Alonzo, Loan Officer
Castle & Cooke Mortgage
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