Best place to start is to hire an Exclusive Buyer Agent to represent you. EBAs represent home buyers only, and work to get you the best price and most favorable terms. You can go to NAEBA.org for a referral to an EBA in your area.
I'm an EBA and I wrote a book called "Buying a Home: Don't Let Them Make a Monkey Out of You". It will be the best $6 you've ever spent. Follow the link below.
I had a buyer that wanted to buy a home in Arizona, but he had a Chapter 7 bankruptcy 7 months ago. After researching the web I found a loan program at http://www.cfsflex.com, they allow a mortgage after a foreclosure, short sale, or bankruptcy. There is only a six month waiting period. Good to see lending options coming back.... more
Serious answer: Without a doubt you don't make enough money.
Less serious: Why would you want to carry that much debt with your level of income?
Side note: An agent below stated their Loan Officer was "aggressive with income", I find this a very peculiar statement since your income is what it is. Given the correct information, every LO should come up with the same income for every borrower (excluding very complicated tax situations). Also keep in mind, a loan officer can be as aggressive as they want with your income calculation but it's not in a BORROWER's (you) best interest because the underwriter is likely less aggressive and will cut down your max buying power which if you're the Realtor, this is bad news for your $100k home that the buyer only qualifies for 90k now and has only a 3.5% down payment and they just spent $350 on an inspection, $400 on an appraisal and have told their landlord they're moving out in two weeks...... more
I would say you probably have an excellent chance. Landlords really look at past performance on credit reports to see if you are likely to pay each month. There are a lot of things you can do to make your application more appealing. If you want any help, feel free to call. It is easier to use a Realtor to get a rental, plus it increases your credibility with landlords and it protects your interests with paperwork and keeps you away from scams. And it is free to you.
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