Posted on: 16th Feb, 2010 12:48 pm
MY CREDIT IS 600,I HAVE $2,000.00 SAVED, I HAVE A BUISNESS LICENSE REGISTERED WITHE STATE SO I AM STARTING MY OWN HOME CARE BUISNESS.I HAVE WORKED 2 YEARS IN THE SAME FIELD BEFOR I GOT MY BUISNESS LICENSE.I LIVED IN THE SAME HOUSE PAYING $700.00 A MONTH. I COLLECT UNEMPLOYMENT FROM MY MY JOB I WORKED FOR 2 YRS AND I HAVE A CLIENT THAT I HADE FOR 2YRS OR MORE AND I A M PUTTING THEM UNDER MY BUISNESS LICENSE. SO I MAKE BETWEEN $900+ A MONTH.THE HOME I AM INTERESTED IN IS $25,000.00 AND I WANT THE HOUSE TO GET THE TAX CREDIT AND PUT60% ON THE HOUSE AND THE REST INTO THE HOUSE. TELL ME HOW CAN I OWN /FINACE/RENT TO OWN MY FIRST HOUSE
With a credit score of 600, you would be able to apply for a FHA loan. In order to get a FHA loan, you would also require a downpayment of 3.5% and you should not have too much of negative items on your credit report. You should contact the FHA lenders and check out if you can get pre-qualified for a home loan. You may also speak to the lenders of this community and seek a no obligation free mortgage consultation. This will help you in knowing whether or not you would get a mortgage. If you want to take advantage of the first time homebuyers tax credit, then you will have to close your home loan by April end.
ok so if I understand this correctly, you are working for yourself in a business AND you are collecting unemployment? No wonder this country is sinking like the Titanic.
You are NOT going to be able to claim unemployment checks as income on your loan application. You will have to qualify based upon what you make in your business. You need to be running your business for a minimum of two years.
You are NOT going to be able to claim unemployment checks as income on your loan application. You will have to qualify based upon what you make in your business. You need to be running your business for a minimum of two years.
