Mortgage Amount

QuestionsMortgage Amount
Lyda Cantwell asked 5 years ago

Hoping to apply for a mortgage sometime towards the end of the year. After looking at houses in the area it looks like the $ 280-$ 300k range would get us a house with the space we need. Due to several things on my husband’s credit report I’m wanting to try to apply for the mortgage on my own but I’m not sure if I would qualify for a 300k loan. Looking for feedback on whether or not it would be possible to qualify for this size mortgage on my income alone.

 

~Credit scores- mid score is a little over 660 (mortgage score), no collections on report, last late payment over a year ago

~Only 1 montly debt payment- $ 375 on a installment loan w/IRS

~Looking at FHA w/ 3.5% down

~I am self employed, 2014 income $ 63,000 (after all expenses) and 2015 $ 85,000

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