Financing in Cleveland>Question Details

Jesse Yagl, Home Buyer in Cleveland, OH

Will we get approved for a FHA or a first time home buyers loan?

Asked by Jesse Yagl, Cleveland, OH Thu May 24, 2012

My girlfriend of two years and I are looking to buy a house together. My credit score is 649, hers is 652. I have worked at my current job for a year, making $25,000 a year or roughly $1900 a month salary (gross pay). I also get a $1500 (net pay) bonus every three months, which averages $500 a month bonus (net pay). Before this job I was employed, and have been employed since 2010. She is at an hourly job, and makes on average $1600 a month (gross pay). She has worked at her current job for two months, and before that worked at the same place for two years. She will be 20 at the end of this year and I am 19. Do we stand a good chance of getting approved for an FHA loan? We are looking at houses under $130k.

Also, both of us own our cars (no loans) and have no open loans or credit card payments. Each of us has a credit card, but both are paid each month in full.

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Answers

4
Jesse,

Based upon the information you presented, it would appear that you would qualify for the 130,000 Mortgage. As a lender in the Cleveland Area, I would be glad to answer any questions you might have and assist you with obtaining a PreApproval letter.

Based upon the income your presented, you may wish to Check out the Ohio Housing Finance Agencies Mortgage Credit Certificate Program. I have included a link to a calculator that will show the potential tax benefits of the program.
0 votes Thank Flag Link Thu May 24, 2012
The hard part of this all is what do you qualify for. If you want to call Angela Spicer at 216-973-8962 and she would be the one to answer all of your questions.
Just let her know you got her number from me......
Duane Johnston,
Howard Hanna
330-752-4892
duanejohnston@realtor.com
0 votes Thank Flag Link Thu May 24, 2012
Hi Jesse,

You do seem like you are right on target for the FHA, now you need to look into programs that provide down payment assistance.

There are several you may want to look at. Some give you up to $10,000 to purchase a home based on the purchase price they give you 10% up to $10,000. There are others but they give less than that and they are income based which it seems you are not above income.

They require you to take home buyer classes which I believe is something you would want to do anyway. They also require you to have gone through the program before seeming a lender and before finding the home you would like to purchase.

I like these programs becaause they teach you more than just getting into the home, it teaches you the real life truth of owning a home. I used to do this myself (very time consuming) so I am happy these places are around to help.

You can contact me at anytime for more information on the programs and who to contact at each agency. These agencies only use approved banks so you are guaranteed to get the mortgage that is best for you not only now but in the future.

As a Real Estate Professional it is my duty to keep up with all the programs that aid my clients getting the best home for the least amount of money and least amount of money out of their pockets.

My direct number is 216-272-3877 and my phone is always on.

Your Trusted Advocate,

Kelli Glover
HOWARD HANNA
Direct: 216-272-3877
Fax: 216-221-1985
Email: kelliglover1@gmail.com

Your Trusted Advocate: Expert Customer Service, Proven Results!
0 votes Thank Flag Link Thu May 24, 2012
It sounds like you're on track for obtaining an FHA loan. Your best bet is to talk with someone privately about your situation and goals. There are a few different options out there and you'll want to weigh them all up along with getting good advice to start you off right. Feel free to contact us anytime to discuss your goals, down payment, interest rate, mortgage amount, etc. There are variables and specific questions which you'll want to address privately. We're free to work with and are very experienced.

Cecilia Sherrard & Andrew Ginter
RE/MAX NE Ohio
440-781-8737
http://www.YouShouldOwn.com
Web Reference: http://www.YouShouldOwn.com
0 votes Thank Flag Link Thu May 24, 2012
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