How hard is it to get approved for an FHA loan?
I am in the military and make 38000 a year before taxes but will be getting off of active duty soon, but will be in the reserves. I will be making roughly what I make now once I'm out from part time work, the reserves, and the GI bill, etc.
I am only seeking about 40000-50000 to buy a foreclosed property that is in decent shape (houses are cheap over here anyway)
I'll have about 7000 saved up by the time I find a house. I've already done the pre-qualification. What are my chances of getting fully approved?
Also, will the banks ask me when I'm getting out of the military? I'm not interested in doing a VA home loan.