If you have shakey credit but a decent down you can go FHA & get kick ass rates. FNMA/FHLMC as long as your score is tight & you have some small explainable blips then as long as your underwriter get's what's called an approve or approve/eligible thru their automated underwriting system or AUS then you can be good to go to. $200K through FNMA/FHLMC will require a max debt ratio of around 38/43 or 38 front end & 43 back end unless guidelines have change recently which is very possible. A 200K mortgage at a plain white bread no jam type loan like 30yr fixed @ 6.5 will run Principle & Interest about $1264.14 but that's before Haz insurance & taxes which most investors now a days are requiring to be paid monthly through your loan or whats called impounded. And unless you put down a min of 20% you'll also have to take on Mortgage Insurance which obviously is diff than haz insurance. Anyway, going full doc & showing all your income off the top of my head I'd say you'd need to make around $4500 a month & that's without any major debts. Just to qualify debt load wise to cover the house. Excuse me if my calculations are off but it's been about 2 yrs since I was in the industry.
Hope that helps.
Hope that helps.
