What kind of mortgage can i get?

250k sales price for FHA 3.5% down would be $8,750 down payment, plus closing costs. FHA will allow a gift for down/closing costs if you are short. To calculate your debt to income (DTI) take your monthly gross ($3,500) and multiply that by .45 which is $1,575. FHA will allow for DTI up to 54.99 but 45 is a safe starting point. Your total debt, student loan, mortgage payment, tax, insurance, mortgage insurance, HOA fees and anything else on your credit cannot be more than $1,575 or maxed at 54.99% is $1,924. Good luck!

Good Evening. With regards to your Income, you can use your Base Pay by dividing that by 12 Months, but for Commission to be used, you need to have an established 2 Year History. To figure that, take your 2 Year Totals and then divide by 24 Months to get the Average Monthly Commission Income and then add that to your Monthly Base. A good rule of thumb would to then take that Total and multiply that by 41%. From there, deduct your Monthly Student Loan Debt Payment(s) and what is left over can be used for your Principal, Interest, Taxes, Mortgage Insurance, Homeowner's Insurance, and Condo Fees. As Chris noted, you can request that the Seller pay your closing costs to keep your out of pocket to a minimum. Based on $8,000 (using 3.5% Down Payment), you should be able to have a Purchase Price of around $228,500. The best solution is to really get in touch with a mortgage professional who can fully review your income, assets, expenses, credit, etc. and get you a Pre-Approval so you can start looking for a new home! I wish you good luck going forward!