Do you think I'll get approved for a FHA mortgage loan?
My husband and I are wanting to buy our first house. We have been married for 4 years and have 2 kids and we have rented the whole time we've been together .. considering we are still both young, we've never bought before. I sort of have bad credit but my husband has "okay" credit .. not good but he really only has maybe 2 small things against him that I don't even think show up. However, I don't even think that will matter?? not sure though .. Anyways, we are wanting to look into getting an FHA loan to buy a house .. There is a house in our hometown that has been foreclosed that is really cheap ($39,000) .. The thing is, my husband only brings home about $1500 a month gross pay .. however, I just started working every other weekend so add maybe $200 extra a month to that .. maybe $300 if I get lucky! lol ... We don't have any personal loans we have to pay or any other bills really besides normal living expenses such as gas, water, and electric... I am not 100% sure if we want to even move in that house as we haven't been in it for a few years so we dont know what kind of shape its in inside now.. But being that we are low income, is it possible to get a loan through a mortgage company still or we will more than likely get turned down? .. I am sick and tired of renting .. and I am currently taking college courses.. and I'll do whatever it takes in order to bring in more money to help boost our income just to meet the requirements to get a loan.. I want a home to call ours to do whatever we want with!!!
- Expert8675309Lv 71 decade agoFavorite Answer
You won't get that loan approved.
First of all, you cannot use a part-time job as income for ANY mortgage loan unless you have had the job for two full years.
Second, unless you have seen a copy of his credit report, you have no idea if these allleged "small things" will come up or not...you need to find that out first.
Third...banks consider $1,000 a month poverty level for ONE person..if your husband is supporting 4 people on that income including himself and makes $1500 gross, that means he takes home LESS than that to support 4 people.
I don't think you have really thought this through...home ownership isn't like renting...if the water heater breaks, you fix it...if there is a leak, you fix it...you have to pay property taxes, hazard insurance, overall upkeep....where is all that money going to come from? You have two kids...do you have money for emergencies with them???
Low income individuals SHOULD be renting so they have a FIXED expense.
- godgedLv 71 decade ago
The best thing I can suggest is that you DO NOT go to internet lenders. Sit down with a local lender, maybe where you have your checking account, and see where you are. You may have a skewed perception, either good or bad, of where you are on the buying potential, and a good lender will be able to tell you where you actually are.Source(s): Oregon Realtor
- 1 decade ago
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