Can I get approved for an FHA loan even if I have a lot of debt?

My husband and I would love to jump on purchasing a house to take advantage of the tax credit, but we have a considerable amount of debt-- his is in student loans, and mine is in credit cards.

Our current rent payment is substantially more than our mortgage payment would be, so we know we are capable of taking care of the costs. However, we are concerned about getting approved in the first place, given our debt is so high.

What are the chances that we will be approved without having to spend a year or three paying down our debts?

7 Answers

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  • 1 decade ago
    Best Answer

    What is your credit score

    What is your debt to income ratio?

    What sort of down payment do you have?

    They judge you on more than just your debt load. But, that is a big part of it.

    You may have to sit tight and pay down the cards before you can buy. You will also need at least 3.5% down if you want to go FHA.

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    1 decade ago

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  • 1 decade ago

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    1 decade ago

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  • 1 decade ago

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    1 decade ago

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  • 6 years ago

    If I get a FHA loan and put down 3.5 % will I still need to pay PMI insurance ?

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