What kind of loan can I get?

Question

I make about 60k a year but am self employed and have been self employed for only 12 months. I think I need to have my business for 2 years or more but am not sure. Prior to that, I did work for at least 2 years at the same company. Does that count/matter? The loan amount would be less than 60k but I want it at 100%. Credit is below average. 550-580. What can I expect? Don't care about the interest rate.

I don't care about the interest because I plan to fix the house and sell it quickly. I will live in the house while I rehab it but will not be telling the mortgage company that I plan to flip it.

Answer 1

Your work history should be fine, depending on what kind of loan you are looking for.

Your credit scores are what you need to be worried about.

Saying you don't care about the interest rate is scary as hell. Perhaps you don't realize how much more interest you'll pay with a higher rate.

Please read this:

http://aaacreditguide.com/bad-credit.html

I would recommend repairing your credit before you apply for any type of loan.

Answer 2

With the recent crash of the subprime loan business your chances are not too great, and if you did the interest rate would and payment schedule would worsen your credit rating. Build up your rating first and yes that takes time, but here are the steps
1. Pay your bills on time
2. If you have credit cards pay down the amount you owe to 30% of your limit
3. Do not apply for any loans or additional credit cards each time you do your score goes down about 5 points.
4. When you pay off your credit cards do not close them that changes your credit/debt ratio if closed it lowers your score