Do I Qualify? VA-FHA (203k)

Do I Qualify? VA-FHA (203k)Do I Qualify? VA-FHA (203k)
GoodvinLels asked 4 years ago
Good Evening,
  Looking to see if after my 2 year waiting period this June would i qualify for FHA 203k or VA loan for the amount of $ 225 – $ 250k.
1. Mortgage Credit Scores:  

    • Mid Mortgage 665

    2. Credit Negatives: If you have any, what negatives are on your credit reports. For each negative, please provide:

      • Type: BK7 : Discharged 6/14
      • Status: Perfect credit since

      3. Gross IncomeGross income (before witholdings, medical/dental, 401k contributions), per your IRS tax returns, is what is important when qualifying, not net income. 

        • Full Time Salary Job 1: $ 63,500
        • Full Time Salary Job 2: $ 40,000
        • Total Income: $ 103,500
      • Not sure if salary from Job #2 will be considered from mortgage.  The good its full time and salaried, the bad it since Oct. 2015.  Please advise
      • 4. Source of income.  Where is the income coming from? List each source.

          • Employment Type (2 Full time Salary Income)

          5. Monthly debt payments

            • Credit Card Minimums: $ 25/mth
            • Student loans:$ 40,000 with payments of $ 450/mth

            6. Employment (for those who are employed). 

              • Type of employment: Salaried, 2nd Job is also full time Salaried 
              • How long: 9 mths
              • How long have you been in the industry: 10 years

              7. Assets/ReservesThis is to determine how much you could potentially have as a down payment and also as reserves to help qualify (for example if your debt to income ratio is high this could help qualify you anyway).

                • I expect to have $ 8,000 in savings

                8. Location:  This is to determine govt guaranteed loan limits, what special programs might be available for you, how much property taxes & homeowners insurance will likely be, amongst other items.

                  • Michigan
                  • Genesse or Wayne County
                  • Detroit or Flint, MI

                  9. Property Description: 

                    • SIngle Family Home

                    10. Property Value

                      • Looking for $ 200-$ 225K

                      11. Occupancy

                        • Primary residence, 1st time homebuyer
                        12. Transaction Type.  Purchase
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