I am looking online at mortgage loan calculators and "what you can afford" calculators. One asked more details questions: What state and county am I in, and how many children do I have. Does having a child give us a better chance of getting a higher amount in our loan? I have a baby on the way, so I am just interested in how it works. Any help is appreciated thanks!
Edit: When I told the calculator that I did have one dependent, it gave me almost 10k more. Not less.
Does having a child (a dependent) give you any help in getting a FHA loan? Or more $ in it?
5 Responses to Does having a child (a dependent) give you any help in getting a FHA loan? Or more $ in it?
Leave a Reply
You must be logged in to post a comment.
It shoud not really effect it, but it lowers the amount of spendable income you have every month, children do not increase it.
Why do people think having children gives them MORE? Obviously, children COST you money, so the FHA formulas assume that you will have much less money to spend on making your house payment. You will qualify for less than someone without children, as you should.
No it doesn’t matter. Sometimes single parents can qualify for certain grants or loans that a married couple would not qualify for. It is mostly based on your credit and income though.
children do not affect the amount you can qualify for with FHA. FHA goes by debt to income ratios when factoring your max qualifications.
your spending involves within the family – your kids expenses should be counted especially if they or your kids are in private schools (it is very clear an additional expense isn’t it?) The kids’ education and food and clothings plus cell phones and other miscellenaeious are counted = because the money that you will use to give to your kids’ life is all coming from one pocket – your’s!