Will I qualify for an FHA loan? If so, about how much?
I live in Maryland. My credit score is 729. I make about $1,300 a month. I have $8,000 for a down payment, but I don't have 3-6 months emergency fund. My school loans have been paid off and I have no other debt. I don't want to get my hopes up. Is it realistic to think that I will qualify for a an FHA loan? Otherwise, I'll be renting a studio apartment for $935 a month. Thank you.
- linkus86Lv 75 years agoFavorite Answer
To qualify FHA you will have to make sure you don't have any derogatory debt (debt you may have blown off or forgotten about that still shows up on your credit report). Assuming that isn't the case you will need to have 12 consecutive months with no late payments. If the student loan was your only trade line FHA will allow you to use alternative forms of credit like using your payment history of your phone bill. As far as how large of a loan goes, you can likely borrow as much as 3 times your yearly gross income (pre-tax income), and of course will need to pay a 3.5% down payment plus closing costs, although closing costs can be wrapped into the body of the loan in most cases.
- RobLv 75 years ago
U don't qualify for loans in MD or any other places in USA.
libraries have books on what why when where you can buy.
at 1300$ monthly u don't qualify to rent anything legal certainly not 935$ monthly.
barely 300$ monthly.
stay home, live in a van at that income.Source(s): Builder landlord
- SlickterpLv 75 years ago
You can borrow about $45K. Standard rule is you can borrow about 3x what you make.
- LILLLv 75 years ago