can you get a mortgage with a credit score of 680 and no money down?
and be self-employed, making approx. $80-90 a year? Also, the asking price of the house is $180,000. So, any advice and what I'm looking at would be great! Thanks
also, I have no debt. Cars are paid for, credit cards, get paid off each month. Otherwise, I pay everything is cash...which I'm finding out isn't always good.
I worked corporate for the past 16 1/2 years and self-employed for the past 6 months...hope all of this helps when sending an answer....thanks
- Anonymous1 decade agoFavourite answer
Donald E. is obviously an idiot!!! If all he learned in 10 years of the biz was all those lies he just spread!!
Amber was correct in speaking of the FHA/FMHA loans. They are 95% - 97% - and 100% and even 102% loans to pay for 100% of the home plus closing costs ( If the house will appraise higher enough for you to add the closing costs on the purchase price.)
You would be best starting with a Realtor!! Why Donald would act like it's funny that Realtors do it all, is beyond me when that is what they are trained to do. They have every day experience with lenders in your area as well as inspectors, appraisers, Title companies, ect. So they can usually point you torwards the people that will do the best job in your home buying process!!
Hope this helps!!!
- Mr. Lender
- Anonymous1 decade ago
Where did this turn into a Realtor/ Non Realtor issue??
I do agree with the folks that said you should start with a Realtor thought and the only problem I see with your situation is that after becoming self emplyed, most lenders want you to have at least 1 year of tax statement showing your self employed income, so when you file this year you may wanna not claim all the losses you can cuz they could really hurt you in the long run.
- 1 decade ago
Most people that are self-employed write off as much income as possible, which often times makes it hard to keep your debt-to-income ratio under 40-45%. Whether the 80-90k is gross or net is important because you will need to provide 2 years of tax returns. Also, make sure that you try and keep balances on your personal credit cards low for a couple months before you apply for a mortgage. Credit card companies only report your balances 1 day a month, and you don't want a large balance showing on your credit report when a lender looks at it.
- Anonymous1 decade ago
got to love realtors, they know it all including financing, LOL. their answers are directed to get u to call them or contact them no matter where u r they will refer you for the fee they get REALTORS GRRRRRRRR
ok so here is the true scoop, it depends you havent given us enough information at this point, and no dont contact me i am not looking for business or a refferal.
680 means nothing, middle score of 3 bureaus is what is important, and i can generate a 680 with one little ole sears card and 3 months of payment history, in order to get a 100%mortgage you must have a track record with at least 12 months history on 3 major credit accounts showing paid on time for more than 1500.00 for each account. is the 80-90 grand net or gross, if its gross what is the net income adding back any depreciation that you take off your taxes, next you must be self employed for a minimum of 2 years and have the tax records to prove it. next what ever your taxable income is the principal, interest payments, property taxes, homeowners insurance, car payments, credit card payments, personal loans, etc should not exceed 40% of your monthly take home, divide your net pay by 12 for monthly payments, if it does you are going to have a problem finding a lender. and dont try telling the lender that your business pays for the truck or car payments because unless you show it on ;your taxes and use a separate business account to make the monthly payments they are going to count it into your dti (debt to income) structure to see if you break the 40% barrier. REALTORS ARE YOU PAYING ATTENTION TO THE DETAILS, I HAVE DEALT WITH YOU FOLKS FOR 20 YEARS AND YOU STILL DONT KNOW FINANCING. are you prepared for a monthly pi payment of 1200.00 because that is going to be your best case scenario and then the bank is going to want to escrow property taxes and homeowner insurance on a 100% loan, and this goes for fha or fmha loans also. you need the services of a good mortgage loan banker, DON'T ASK A REALTOR SPEAK WITH AN EXPERT ON FINANCING. AND DON'T GO TO A MORTGAGE BROKER SEEK OUT A BANK YOU TRUST.
response to mr lender, trained most realtors are 90 day wonders, and then they take a recert class once every 3-4 years, lol, how many even prequal a client b4 they start showing houses, without asking the above questions they have no clue if a client can qualify for a loan, and i see this all the time, no lender will loan on self employment with 6 months history, and the days of no income verification are history, so unfortunately this customer is stuck for a period of time.Source(s): 10 years mortgage banker and title company manager
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- 1 decade ago
Yes you can and all you must needs to do is speak to a Realtor.