Home Buying in 89121>Question Details

Amcneil, Home Buyer in 89121

first home buyer looking for FHA loan. Good credit, currently have 1yr &7 mo work history. Only 1 credit card, No debt. Can I get approved?

Asked by Amcneil, 89121 Wed Oct 5, 2011

make $2080 a mo.
No debt. 1 credit card at $30 a month. No car payment.
Great credit.
Still employed at same job with a 1yr and 7mo work history so far.

Help the community by answering this question:


What did you do prior to the 1 year & 7 months you've been on this job for?

At $2,080/mo & $30/mo in credit card payments, you would likely be able to qualify for a $125k sales price with a 3.5% down payment without much trouble. Assuming a 3.875% interest rate, the payment would look like:

$572.89 principal/interest
$50 homeowners insurance
$130.21 property taxes
$115.60 mortgage insurance
$868.70 = total payment

Which is about 41.7% of your gross income of $2,080/mo. FHA prefers no more than a 31% ratio for the mortgage payment, but up into the mid 40's can qualify if you have good credit (which you say you do), and I've routinely got approvals for people into the mid 40's.

Your $30/mo in credit card payment is included in the total debt ratio, which FHA prefers to be no more than 43% (into the mid 50's can qualify with good credit), and yours is at 43.2%, so it's looking great.

Your down payment can be from your own funds, a gift or loan from a family member, or even down payment assistance (check the web reference for a list of down payment assistance programs in Clark County & Las Vegas).

If you can put down 5% or more, since you have good credit, you may want to look into conventional financing as it can work out to be a lower monthly payment than with FHA financing since you will have the option to not have to pay the monthly mortgage insurance.
1 vote Thank Flag Link Wed Oct 5, 2011
the only way you will know if you can get approved is if you go through the process with a NV licensed lender. Underwriting for mortgages is very tough and blanket approvals from scenarios are a thing of the past. Best of luck!
0 votes Thank Flag Link Mon Oct 10, 2011
You are on the right track! And did you know that Las Vegas has funds to help with your down payment and closing costs!!!
Call me if you would like more information! I love to help buyers save money!
0 votes Thank Flag Link Sat Oct 8, 2011
What is your FICO score? There is no way to figure out what you are qualified for without the FICO score

David Cooper Forelosure Specialist with SINCE 1917 REALTY 35 Years Investing Experience. Receive a New FREE List of Low Priced, Foreclosure and Short Sale BNargains in Good Areas with Great Cash Flow. Go To website or Call +1-702-499-7037
0 votes Thank Flag Link Wed Oct 5, 2011
My wife and I have been working exclusively with our lender for close to 17 years and believe if she can't get you a loan and at a great rate then no one can. Call or email me for her number.

Matthew D’Ercole
One Source Realty and Management
Cell - 702.501.0973
Website - http://matthewsellslasvegas.las.mlxchange.com
0 votes Thank Flag Link Wed Oct 5, 2011
Hi Amcneil.
Every Saturday morning on our radio program http://www.RantRealEstate.com at 10am pst. You can also ask your questions live, send an email, voice mail or chat . We have archives and video on several subjects for buyers. Also get a FREE Report "Understanding The Home Buying Process". See below.
0 votes Thank Flag Link Wed Oct 5, 2011
I think you should be able to qualify but we should have you talk to a lender who knows all the specifics. You can call the lender I have worked with for over 12 years. Her name is Dorothy Reynolds. You can reach her at 702-461-3700. Let me know if I can help.
Thank You
Suzie Marquardt
0 votes Thank Flag Link Wed Oct 5, 2011
Hello Amcneil,

As others here have stated, the best '1st step' is to sit down with a mortgage professional who will review all of your financials, speak to you about your short and long term financial and real estate goals, and provide you with the knowledge that you need to make an informed housing decision. The mortgage professional should, among other things, help you form a strategy to help you achieve your goal of homeownership if you do not qualify at this time. Feel free to contact me with any questions you may have as you navigate this process.


John Paul Mulchay
Alderus Funding & Investments
0 votes Thank Flag Link Wed Oct 5, 2011
It's possible! I already spoke with my lender but they have more questions, so please call him

Darren George
(702) 461-4663

If he is not able to help you, email or call me so that I can refer you to other lenders.

Thanks! Louis
0 votes Thank Flag Link Wed Oct 5, 2011
Based on the information you provided, I see no reason for you not qualifiy for a FHA loan. As a first time home buyer, there are several programs available to you. On a side note, we offer our buyers a GUARANTEE Buy Back program that you might have an interested in.
0 votes Thank Flag Link Wed Oct 5, 2011

You're pretty close!!! Call me to find out how you can get the best options for you. From there you can make an informed decision on what will and won't work for you. AT THE LEAST I CAN BE A RESOURCE FOR INFORMATION...IT'S WHAT I DO!!!!!!!!
0 votes Thank Flag Link Wed Oct 5, 2011
YES,you have nothing to worry...I have a lender who can help you with your loan....He is been very good to my clients..Please call him
Larry Garlutzo
0 votes Thank Flag Link Wed Oct 5, 2011
The best thing for you to do is meet with a lender and start the pre-approval process. That way you will know upfront how much home you can afford, what your monthly payments will be as well as down payment and closing costs expected.

I always get my clients pre-approved first before starting the home finding process. This way we know exactly what to look for. If you are looking for an agent, feel free to contact me. I can introduce you to a lender that I do business with and get your home buying process started.

Guy Ghanem
Realty ONE Group, inc.
0 votes Thank Flag Link Wed Oct 5, 2011
You sure can.

Here are two lenders that can pre-qualify you and provide you with a fully underwritten loan approval prior to selecting a home:

Troy Kenniger| Mortgage Consultant
6585 High St. | Las Vegas, NV 89113
Office (702) 921-1873 | Fax (702) 410-2808 | Cell (702) 360-2320
tkloanslv@gmail.com | http://www.GoSouthernFidelity.com/TroyKenniger


Charity Maupin
NMLS #358059
Vice President of Mortgage Lending
Retail Division
Guaranteed Rate
(702) 296-9187 Direct
(702) 548-5846 e-Fax
7250 Peak Dr #212
Las Vegas, Nv 89128
Nothing in Life is guaranteed, except GUARANTEED RATE!
0 votes Thank Flag Link Wed Oct 5, 2011
Usually you need 2 years of same work history. I would recommend you contact an excellent lender who can direct you to achieving your goal of home ownership. Try Linda Povey 484-468-1300. She is wonderful!
0 votes Thank Flag Link Wed Oct 5, 2011
Contact John Paul Mulchay at Alderus Funding and Investments for an honest assement: (702) 267-9443, johnpaul.mulchay@alderus.net
Web Reference: http://www.HouseOfVegas.com
0 votes Thank Flag Link Wed Oct 5, 2011
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