FHA loan qualifications and income sources
So I'm really confused about how to qualify for FHA financing. Everything is so vague and obscure when it comes to mortgages.
Here's my question:
It's my understanding the debt limit is 46.5% on the front end and 55% on the back. Does the income they use come from the prior years tax return or the current year?
I purchased 2 properties in September of last year. I didn't make much in rent and had a lot of deductions for repairs and such. My income last year was 70,000 with and agi of 52000 after losses.
This year I got a raise and I also will have significant rental income.
My income from my job will be about 91,000 this year. I have more than 80% equity in my 2 properties so it's my understanding the FHA counts 75% of your stated lease towards income. So my second question is, what is my max payment I can qualify for?
Property 1 purchased for 180k, appraised for 300k. Rent roll is $2745/mo
Property 2 purchased for 215k, appraised 300k. Rents $3200/mo
So my monthly debt payments are
Student loans 600/mo
Car payment 361/mo
Mortgage 1 $1530
Mortgage 2 $1350
What will I qualify for roughly???? Thanks guys!!!