Home Buying in Orlando>Question Details

Sincere, Other/Just Looking in Eaton Park, FL

Can I get financed for HUD home with 720 credit score & Low income?

Asked by Sincere, Eaton Park, FL Mon Aug 19, 2013

Is it possible to get a hud home with a 720 credit score & low income? ($900 monthly), I need a detailed answer!

Help the community by answering this question:


If you have no other monthly debt (car payment, credit cards, etc.) then you could be approved for a loan amount where your monthly payments are around $450 with escrow built in.
1 vote Thank Flag Link Sun Dec 1, 2013
The amount of loan you can get approved for is dependent on your income and debts.

When you make $900/month, you need money to cover your housing, utilities, food, etc.

Your mortgage payment will include the cost to pay back the loan (principal & interest), property taxes, and homeowner's insurance.

As Don said, the total amount of your mortgage payment, plus any other debts that would show up on a credit report - credit cards, car loans, student loans, etc - cannot exceed 50% of your monthly income. In fact, the mortgage payment alone can generally not exceed 35-40% of your income.

So yes, with your good credit it is possible to get a mortgage approval. The amount, however, depends on your other debts and how much of a home you are looking for. Property taxes and insurance in Florida are some of the highest in the nation, so you should speak with a local lender to get an idea of whether or not you'd actually be able to purchase a home.

Hope this helps!
0 votes Thank Flag Link Tue Aug 20, 2013
It may be possible. you need to speak to a mortgage lender with the specifics of your situation. After a brief meeting you should have a path forward.

Highest and best regards.

Vincent Paige |REALTOR® | RE/MAX Showcase
Certified Broker Price Opinion Registered Agent (BPOR)
Florida Military Specialist (FMS)
8934 Conroy Windermere Road | Orlando, FL 32835
Direct: 407.256.8190 | Fax: 407.264.8073
E-mail: vince@thepremiumproperties.com
Search for homes here: http://www.thepremiumproperties.com
0 votes Thank Flag Link Mon Aug 19, 2013
If your income is $900, your total monthly payment would need to be below $450, and you can have no other debt in your name. Total payment includes principal, interest, taxes, insurance, PMI, and HOA. But it may still depend on other factors in your credit history and proof of source and history of income. And if it is close they may require reserves anywhere between 3-6 months. It is best to talk direct to a lender who does FHA. Feel free to contact me and I can put you in touch with a good lender.

Good Luck

Broker Associate
*Certified Distressed Property Expert
*Short Sales & Foreclosures Resource
Military Housing Specialist
RE/MAX Properties SW
Cell 407-925-2318
Office 407-857-7600
E-mail: donrshippey@aol.com
0 votes Thank Flag Link Mon Aug 19, 2013
It depends on how low your income is. Loans are not based on your score alone. They are also based on income to debt ratios.

Jeffrey Brown


Infinity Real Estate Group

"Your friend and Realtor for generations"


Cell: 407-219-6866

0 votes Thank Flag Link Mon Aug 19, 2013
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