Asked by willandrewmusic, Phoenix, AZ • Sat Jan 4, 2014
I have very good credit for my age group (730 @ 24 years old), but do not have a high paying job (gross $22,000). I have very little long term debt, and zero responsibilities besides keeping myself alive and paying a mortgage. If I apply for a FHA loan as a first time homebuyer, will I stand much of a chance at negotiating the debt-to-income ratio limit that they set at 29%? With my income that would put me at around a $550 mortgage payment, but with no child to take care of and no outstanding debt, I can live comfortably with a higher payment than that. Bonus question: Is it possible to combine a FHA loan with a CHRA down payment assistance program that may be available in the area?
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