Home Buying in Port Lavaca>Question Details

Phillip, Home Buyer in Port Lavaca, TX

I live in texas and if my income is 40,000 a year how big of a loan can i get and i'm a first time home buyer and i qualify for homes for heroes

Asked by Phillip, Port Lavaca, TX Tue Apr 13, 2010

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Hi Phillip,

I would contact a loan officer to see what you qualify for. You should contact the bank that you bank with and see if they can assist you with how much you can qualify for. FHA requires a minimum of 3.5% of a down pymt. Your credit score has to be at least 620 (some lenders are even requiring 640). Your debt is another factor of what you would qualify for.

I hope this helps and I wish you the best of luck!

Make it a Blessed Day!

Tamika Turner
Hendrickson Realty Group
Cell: (972) 697-1178
Fax: (682) 222-1049
Email: Info@NewHomesInDFW.net
Website: http://www.NewHomesInDFW.net
0 votes Thank Flag Link Tue Apr 13, 2010
Fha wants a 620 fico score (some say 640). You will need 3.5% down payment and more for closing costs.

The general rule of thumb is yearly income x 3 = safe gettable mortgage. ($0k x 3 = $120k)
See a local lender for more precise details and answers.

You debt can change the amount you are eligible to borrow.
0 votes Thank Flag Link Tue Apr 13, 2010
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