Will we be able to qualify for an FHA loan on another house?

We're living in a house now that I'm trying to fix up cosmetically inside the best that I can. It needs other repairs that I'm not skilled at doing, and I really don't want to pay anyone to do them. We just want to try to get as much as we can for the house, pay off the mortgage somehow, and move.

53K left on the mortgage. I'm not sure how much it will sell for. It's only a 2 bedroom and one bath, as well. I may take out a loan through a bank or something if it doesn't sell for enough, to pay off the mortgage so we can move.

My mother only makes about 20K in her current position now (she has been with the company itself for about 8 years). I'm not sure what kind of loan she would "max out" with, even with FHA. She's had a mortgage in her name for quite a long time and her most recent myFICO was 719. She's a widow...so no husband to help with it. I am basically her son that has been trying to help her out with stuff around the house and financially. However, I'm not putting my name on a new mortgage as a cosigner just to include my income.

What kind of FHA loan amount would she qualify for if our current mortgage was paid off in full as a result of selling?

I'm thinking the best option is to sell what we have now, first. Because I know for certain that there is no way any company at all would give her a second mortgage with that kind of income, even with a decent credit history and mortgage history. We have another family member living with us now, so we'd be looking for a 3 bedroom, 2 bath house this time. We may look into foreclosures and such to try to get a better deal when we buy.

Is there any other information that you can give me about FHA loans?

2 Answers

  • 1 decade ago
    Favorite Answer

    You did not say why you wanted to move. Honestly with the amount of money your mother makes she would not qualify for a home worth more then 60k if she only makes 20k a year. And you didn't say how much money she has saved up.

    You may be better off seeing if the mortgage company will modify her mortgage to a lower payment if it is that much of a problem for her.

    Good luck hun

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  • 4 years ago

    almost anybody is eligible for an FHA own loan. i've got self assurance you need to have been on lively accountability for no less than ninety consecutive days to qualify. the terrific ingredient to do would be to touch a private loan Lender. they might supply you with the main precise answer on your question.

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