You should be fine as long as you have a 2 year job history and sufficient income to support the new mortgage payment in addition to your other debts. The standard ratios are 31 housing/43% total debts vs. gross monthly income. If you receive an automated approval, you can exceed these ratios.
Be sure to ask for the sellers assistance for closing costs and pre-paid items. You can get up to 6%. That will limit your investment to the 3% minimum.
The house needs to be lendable in the as is condition to do a regular FHA loan. If it needs repairs or you want to make improvements, ask your lender about the 203k program.
2011/12/06 at 21:51:29
You should be fine as long as you have a 2 year job history and sufficient income to support the new mortgage payment in addition to your other debts. The standard ratios are 31 housing/43% total debts vs. gross monthly income. If you receive an automated approval, you can exceed these ratios.
Be sure to ask for the sellers assistance for closing costs and pre-paid items. You can get up to 6%. That will limit your investment to the 3% minimum.
The house needs to be lendable in the as is condition to do a regular FHA loan. If it needs repairs or you want to make improvements, ask your lender about the 203k program.
Good luck.
2011/12/06 at 21:24:35
Minimum 3% down payment. More the better. Sounds like you should be OK with excellent credit. Good job history?