It's great that you are now looking into a homebuyer assistance program. It wasn't clear from your question and subsequent posts how much you actually paid monthly to service debt that's listed on your credit reports each month. We need these payments along with your income and any unreimbursed job expenses claimed on your tax return to calculate an accurate debt- to- income ratio Also, unclear was where you planned to make your purchase. Depending on prices in that area, a two family home may make sense for a number of reasons including using up to 85% (with FHA or 75% with Conventional) of the projected rental income to help you qualify for the mortgage. And with FHA, you can put down as little as 3.5% and include the closing costs in your mortgage. So the 15k you've saved for a downpayment may be sufficient depending on the price of the home. You should also have money in reserve, which may be satisfied with a 401k or other retirement or investment account.
As you look to get preapproved for a mortgage, keep in mind that guidelines, especially acceptable debt- to- income ratios will vary widely with banks and mortgage products. Generally speaking, retail banks and credit unions tend to have the most stringent guidelines across the board. But you'll find differences on acceptable ratios even among mortgage banks offering the same mortgage product.. So it may be prudent to get a second opinion to ensure that you explored all your available financing options. For more information or for assistance I can be reached directly at 917.699.0183, via email at email@example.com or follow me on twitter @mdenniston247.
Michael Denniston l Cell: (917) 699-0183
Residential Home Funding, Corp.
Licensed Mortgage Loan Originator l Sales Manager
6901 Jericho Turnpike Ste. 219 | Syosset, NY 11791
Main: (516) 605-1733 | Fax: (888) 881-2557
NMLS # 24076 | Company NMLS # 34973