Is a FHA Loan in the bag?

FHA has what's called Alternate Credit - I believe it is the HUD Mortgagee Letter 2008-11 that you will need.to use You can use the following - rental housing payments (subject to independent verification if the borrower is a renter), utility company reference (if not included in the rental housing payment), including gas, electricity, water, land-line home telephone service, cable TV. If the borrower is renting from a family member, request independent documents to prove regularity of payments, such as cancelled checks ,insurance coverage, i.e., medical, auto, life, renter's insurance (not payroll deducted); payment to child care providers - made to a business providing such services; school tuition; retail stores - department, furniture, appliance stores, specialty stores; rent to own - i.e., furniture, appliances; payment of that part of medical bills not covered by insurance; Internet/cell phone services; a documented 12 month history of saving by regular deposits (at least quarterly/non-payroll deducted/no NSF checks reflected), resulting in an increasing balance to the account; automobile leases, or a personal loan from an individual with repayment terms in writing and supported by cancelled checks to document the payments..If you have any further questions I have a lot of information on my website www.Fhasubmissions.com or feel free to contact me Toll Free at 1-800-784-0196 or on my I-Phone (310)984-0496 Jeffrey Martino Young Essex Mortgage Bank located in Santa Rosa,California

You can keep the third person off the loan and just put them on title. That way they have interest in the home. The other two owners can close the FHA loan with no problems. www.idahofhaloans.com

I would not consider the loan in the bag. $120,000 is a nice income to support a $272,000 mortgage but not if other debt load is high. You really have to give details to a loan officer and have him or her do the ability to repay analysis to see if you can qualify. That is something that you cannot expect to complete online in this scenario.