Lookin for a FHA loan, income is 47,000 plus 1500/month rental from my two family home, middle score is 693?

Deal Score0

can I Qualify?
my current morgage payment is only 1500 per month.
Loan bal. $ 465,000 (mortgage payment is low becus loan was modify)
looking to buy another house in new york – FHA loan
i have my two-family house over 6 yrs

  1. Reply
    My Take on It
    April 29, 2011 at 11:52 pm

    Depends on how long of a rental history you have on that house. If you just started renting it in the last few months, they may not count it as income.

    Also, you have to take into consideration your other financial obligations.

  2. Reply
    April 30, 2011 at 12:13 am

    I’m not an expert at this because I’m just starting out but, from my understanding, if you’ve been renting for over a year, that income is taken into consideration. Your situation is very similar to mine. I went on lendingtree.com, entered my information (very basic stuff) and had them find me. It worked out well; I had about 5 lenders contact me and I narrowed it down to 3. You might also want to check out this site my sister told me about if you are in IL. Google Illinois Department of Housing. They are supposed to have some sort of program that helps with the down payment. I haven’t checked it out yet so I can’t give you much more information than that. A candle looses nothing by lighting another candle.

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