Without a crystal ball, no one knows. However, what you have posted won't disqualify you from being approved. With a 773 credit score debt ratios with FHA financing can be pushed well into the 50's.... more
You need to speak to your loan officer. We don't know details of your situation. It's very common for a lender to have one person not be on the loan because they can't qualify. Both parties need to qualify if you both are going to be on the loan. However, you BOTH can be on title to the house. Again, talk to your LO and have them give you a detailed explanation.... more
You should be fine. If I can help you see home in this area or answer any real estate questions, please don't hesitate to contact me. Please review my profile on Trulia and send me a message or email me at Thoyt@prutropical.com. If you are still in need of a lender, I would be more than happy to recommend a few.
No pressure, just help.
Prudential Tropical Realty... more
First of all, congratulations for saving so much money at such a young age! I don't know what you mean by credit not being strong, but I do know a couple of lenders that you can get in touch with. They will not only be able to answer your questions, but if you can pursue a loan they will do a great job in guiding you through the loan process. Loan guidelines are constantly changing and they are best equipped to answer you.
Call Chuck Rogers Regions Bank (813) 230-1249
OR Jayna Hammel Wells Fargo (813) 323-1717
Best of luck to you and if I can be of any assistance in your home search, I would be happy to help!
(813) 263-0932... more
My recommendations is for you to talk to a local mortgage broker who is familiar with this type of loans, in a nut shell USDA are Government Guaranteed Loans , lenders can lend with less risk! are designed to populate low density areas (25,000 residents) however there are the four things that are not allowed when doing USDA loans . No Collections – within past 12 months (exceptions granted) no Foreclosures/Short Sales /BK’s- past 3 yrs (exceptions granted) If presently owning a home, can’t use rental income from it without 2 yr history Home Must Not Be used for Income-producing purposes (No duplexes, triplexes, farms etc) I hope this helps you.... more
If all that she has is $600 per month, unless you are planning to give her additional money once you co-sign for her, you have to think very hard about whether she will be able to make all the payments. Does she have any other money? You wouldn't want her to have to use that much of her money for payments. Although she would get a homestead exemption, there are some taxes, as you said maintenance, other utilities, not to mention living. Where is she living now, and how much is she spending per month.... more
It just depends on your credit history. The best thing to do is to call a lender who can help you with a preaqualification. 5% is ample to put down for FHA financing. Feel free to give me a call or an e-mail. 813.727.1867. Bryan.Lovell@tricountyfl.com.... more