You may be able to qualify for FHA financing assuming minimum credit scores are met and that you total debt to income ratio is at or below 55%. Assuming total income of $1200 per month and grossing up by 20% then your total allowable debt is $792 per month. From that number you would need to deduct any existing debt i.e. car payments, credit cards....
If we assume that you have no debt whatsoever then you could qualify for a loan amount of $94,000 which would require a down payment of $3400. Obviously these figures are based on assumptions and we would have to take a look at the actual numbers to give you an accurate amount.
If you are interested in seeing what you truly qualify for, I can be reached at tsheppard@brandmortgage.com on @ 678-226-7847

FHA doesn't determine financing. They have guidelines for the bank to offer financing. So, yes, you can get an FHA loan. But first we have to know if you have an FHA loan now. There are exceptions to having 2 fha loans. Next we have to determine how much debt you have (if any), your credit score, collections (if any), how much money you have for down payment and costs outside of the closing. The lender will most likely use up to 45% of your income. I wouldn't recommend going that high on a fixed income. Remember, even though we can gross your income (because no taxes are paid on the income), that's not what you bring home every month. I'm in Atlanta, so feel free to contact me 770-255-3831

BLPitcher,

Grossing up is wonderful, you should decide exactly what it is that you are comfortable paying per month. Other things that must be considered include your credit score, debt-to-income ratios and more. You really should consider speaking privately with someone about your specific situation. I'd be happy to put you in touch with a lender that can also speak with you about down payment assistance options too.

Thanks
Solomon Greene
REALTOR® / HUD-Certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
(678) 775-2677

Yes, as long as it's permanent SSI. They will gross up this income 23%, which means you'll be qualified with a $1476 income.

All other FHA guidelines apply.