Ken Dorfman, Broker
Kenneth B Dorfman Real Estate
888 846 0688
Let me know when you are ready to prepare to look for a home and I'll provide you with lenders from Wells, B of A and Mortgage Brokers that will offer many choices of loan programs. You have found an Realtor that not only cares about your family's best interest but has 32 years of local Santa Clarita Valley knowledge and experience!
Tony Lewis RE/MAX of Valencia 661-702-4720
I believe you need a min 640 score for an FHA loan. Just had a deal delayed while the lender worked on getting a buyer's score up to 640, and then they were good to go.
There are of course other factors involved in qualifying. Your best bet is to speak to a mortgage professional as soon as possible, so you can begin working on your credit and finances as needed.
I work with a great local lender and recommend that you call him: Mike Meena, Augusta Financial 661-260-2970. He can point you in the right direction. Best of luck!
Secondly it depends on how much of a down payment, anything less than 20%down will likely have mortgage insurance so don't forget to add that to your monthly mortgage calculations when you're trying to figure out how much house you can afford. For example, here in Santa Clarita (make sure you include HOA if any) a 350K purchase with 3.5 minimum down payment, mortgage payment will be an estimate here, as I don't know your details...$2,551.78 this is a rough estimate which includes tax, insurance, interest, and mortgage insurance. Your income should be three times that amount to comfortly qualify. Call your favorite bank or mortgage broker to see exactly how much you qualify for.
Happy house hunting!