Lenders will take your ratio from an avarage of monthley income and expences during the year, so if your income is anough to cover your expences during that year then youre good to go.
Good for you. It's a good time to take advantage of the tax credit. FHA financing should take into account your time you are off work. It's best to speak to your lender. If you need someone to speak to regarding FHA financing or searching for a home/condo in Los Angeles, just let me know. Enjoy the time off. It is well deserved I'm sure.
The Carrabba Group
Keller Williams Hollywood Hills