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Can I qualify for a mortgage loan?

by Niouvi
(Miami, Florida)

My husband bought a house 6 years ago but the house is in a foreclosure process, I do not have any link with the mortgage of the house but my name is in the property's title. We handle our finances separately and my credit score should be over 730.

My question is:

Can I get a home loan, or even qualify for the first time buyer programs?

=====ANSWERS=====

Hello Niouvi;

What a great question. Thanks for stopping by my website and asking this. I love helping people with their mortgage questions.

I'm happy to tell you that yes, you should be able to qualify for a first time home buyer loan. Just follow this link for additional details. On this page you will find more on how these loans work.

In the mean time, allow me to share with you just a few things you need to consider before applying for a mortgage.

One of the best first time home buyer programs out there is the FHA home loan.

With this mortgage, you can buy a home using first time home buyer grants which can help you with your down payment. Also it allows you to use seller concessions which can help with mortgage closing costs.

The only real thing to be concerned about in your situation is the DTI or Debt To Income ratio.

If you need your husbands income to qualify for the mortgage you may run into a problem. You will need to have enough income to afford the monthly payments for your house and all the other bills by yourself. You need 29% of your gross monthly income for the house payment. So for example, if your monthly gross income is $3,000, then you can afford a $870 house payment which includes principal, interest, taxes and insurance.

Since your husband is in foreclosure, he will not be able to go on the mortgage with you. He will need a few years before that can happen again for him. I encourage him to take a look at my credit repair page for some ideas to recover.

So if you have the income to support the mortgage along with your other monthly bills, you should have no problem.

If you find this information helpful please share this page on FaceBook or Twitter. I can really use the help to get the word out about my website.

Kind Regards,

Jeff Ragan




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