Could I qualify for a 140K mortgage?

Question

I know I could qualify for FHA. I was approved for 157K a few months back and the only thing that has changed is we have a new car payment (the reason we didnt go through with the last offer, ended up needing a new car)

I make $52,000 a year (lowball), steading profession 8+ years same job. The only debt I have is a 125k mortgage (would sell) and two car payments totaling $500/ month. I had a chapter 7 in 2005, but perfect since then. My mid score is 683.

Answer 1

You should if what your saying is accurate.  The issue that I see is you really didn't define what your trying to do.  If your trying to purchase another property, you would be responsible for both the 125k and 157k, that would throw your ratios right out the window.  If your refinancing, you should be ok, I would entertain the possibility of a 15 year note and/or wrap at least one car note into this to eliminate more debt.  The chapter 7 will still show up but shouldn't cause you an issue as long as it's been two years since discharge, you income and job are good.  If your purchasing, you could have an issue, if your refiancing, you should be ok and should have plenty of options presented to you to make the best decision for you and your family, good luck and feel free to ask questions

Answer 2

I have been in the mortgage business for 11 years as a Loan Processor.so I can help :)

DTI as you know is everything!!  Add up all your bills, divide that by your monthly income that is acceptable and you will get a percentage.  

I do FHA loans ALL DAY LONG, AND MANY OF THEM!!  From what you are telling me, you should qualify for an FHA loan.  The Key is to mess with DU enough to get an accept!!

I am closing an FHA loan Tuesday at 49% DTI which is really high for FHA but the key is I was able to get an accept thru DU.  Freddie is  not as strict as Fannie pricing is just a little higher. You need an LP lender!

We do loans that others can't do!  Which is the reason we are extremely busy.

It is so important that when you are buying a hose, after you have been approved NOT to buy anything OR open a cc. I can;t stress that enough!

I would love to help you obtain a mortgage.   Please email me [e-mail] and I will give you my information at work to call me next week!!

Answer 3

Base in your info  , it will hard until you sell your first mortgage.

these car payments will reduce your total mortgage.

it's very hard market these days,and the lending business is getting very ugly.