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What's the minimum income needed for fha?

Don't have enough to put 20% down for conventional. Also, is property tax and PMI tax deductible to your knowledge?
By oggielewis784329560 from DE Apr 15th 2014
Reply

You do not have to put 20% down to have no PMI. We can buyout the PMI with a minimum of 5% down and a 680 fico. Email me at cbowers@meridianmortgage.com for more information.

Apr 15th 2014

To answer your question, their isn't a minimum income needed. The approvals are based off of your debt to income ratios. You really need to contact a lender for them to run a few different scenarios to see what fits best for you. Brian Devlin 856-324-6749 bdevlin@7thlvl.com

Apr 15th 2014

Currently there is no minimum income requirement but there is a minimum you would need to make to qualify for an FHA loan. There are also several first time home buyer programs available so you can purchase with absolutely no money out of pocket. As for what you can deduct on your personal income taxes I would contact your accountant as they will be able to inform you better than I. You can apply on my web site at www.Ben.PikeCreekLoans.com or call me at 302-894-9111 or 302-559-8625. NMLS 104565

Apr 15th 2014
by

With an FHA loan, you always have PMI. But there are ways to remove it later. With FHA, minimum is 3.5% down. Income is a function of the amount of your loan and your debt. These three things come make up the equation of whether you can afford the home or not. You need only a 620 minimum credit score for our FHA program. You may have great income, but most of it is tied up in debt, or you could make a modest income and have no debt and be able to afford more home than those with higher income and debt. Your total debt, including what the mortgage, taxes and insurance are plus any other debt you have, should be less than 45% of your income. Look at it from the viewpoint of your monthly expenses/income. Not all programs use that number, but it's a good example for you. I am licensed in PA and DE, can help you anytime. jbartrum@annie-mac.com

Apr 15th 2014
by

Conventional allows to 95% as well and will better payment wise with better credit scores many times.There is some allowance on tax returns for purchasing as well as pmi deductions but it is dependent upon the income. Not sure if the pmi deduction is going to be extended.

Apr 16th 2014

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