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You will qualify depending on what the taxes and insurance run. With an estimate of $100 per month for insurance and $166 per month for taxes, your debt to income ratio is within guideline requirements. As far as getting a $300,000 home with a payment of $1700 per month, the only way you will get close is if you take out an FHA 5/1 ARM at 4%. Here is how the estimated monthly payment breaks down. Principle and interest = $1,406.30 Home owners insurance = $100.00 Property taxes = $166.66 Mortgage Insurance = $132.69 Total mortgage payment = $1,805.65 If you go with a 30 year fixed, the payment would be around $1,980.64 which is based on an FHA 30 year fixed at 5%

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by Noneya

4 weeks ago

Asker's Rating: 

easy, go to Hud.gov there are calculators on there that will help you. Your credit score could definitely be higher as what you have is honestly a minimum for banks nowadays. Your debt to income ratio is good but the money for a down payment is bad. You may be eligible for a 3% down or a zero down loan. Some would say that you would only be eligible for about $205k home, based on income though it definitely varies with location of purchase. Good luck to you!

by David F- 4 weeks ago

Home loans for people with bad credit offer a solution for people who may find it difficult to get loans on account of poor credit ratings. There are many people who cherish a desire of owning their dream house - and these dreams can now be realized using these mortgage schemes that are targeted at people with poor credit ratings. Today, you can find many lenders and financial institutions that are willing to give these kind of loans. www ... There are many options for these kinds of loans which are available today that come with a fixed rate of interest for making monthly payments. These schemes help in managing your finances in a better manner as you can plan in advance. Your loan can be for a term of 30 years or for 10-15 years. If you prefer a more flexible option, then you can even opt for home loans which provide variable rate of interest that works out to be more affordable with lower interest rates.

by Arianna- 4 weeks ago

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by Dick- 4 weeks ago

No way, you will not be approved for more than 3 times your annual income so at 5700 a month the max you would be approved for is 205,000 and you will need 20% down for a conventional loan or 3.5% for an FHA loan. The only 100% mortgages are USDA for living in small rural areas and the VA loan for military and prior military. Plus you will need closing costs, inspection money earnest money (1% of the sale price). You also will need PMI added into your monthly payment. The monthly payment for 300,000 is 1703.00 and that is without PMI, INSURANCE and Taxes added into

by Fort Sill Army Wife- 4 weeks ago