I'm 23 and I make about $30,000 a year. The house I want only costs $55,000. The seller is paying closing costs and a 3% down payment for me. I am self employed but have my tax returns for the last four years and pay stubs for the last four years as well. Since I write so much off, my taxes say I make much less, so I'm worried that is going to be a problem. I have a credit score of 635. I'm so nervous here waiting for the lender to call me back.. what do you think my odds are of getting the loan approved?
2007-09-06 07:05:33 · 2 answers · asked by Heather M 2 in Business & Finance ➔ Renting & Real Estate
I make a product and sell it to a big company, they send me checks every two weeks... I keep the check stubs.
2007-09-06 07:25:33 · update #1
3% down, low credit score, sub prime market gone, Alt-A market almost gone, Prime market needing 5-10% down, not looking to good there. Anytime you are waiting to hear on a loan the longer you have to wait, the worse it is. Sorry to say but would be watching the mail for a letter of decline of loan notice for the following reasons. I do hope that I am wrong this time.
2007-09-06 10:15:56 · answer #1 · answered by Pengy 7 · 0⤊ 0⤋
Not too good Brutha. 6 mo ago. Slam dunker. Now? Not great. What are you claiming for income? What do other bills look like / mo? Got any reserves?
Essentially you are looking at 100% financing with a 6% seller concession, stated income, with a 635.
Not great.
If you are self employed, why do you have pay stubs?
2007-09-06 14:17:45 · answer #2 · answered by Patrick H 2 · 0⤊ 0⤋