Posted on: 29th Jan, 2009 10:24 am
I'm looking to buy my first condo, as a primary residence, but I'm having trouble getting a mortgage. I can put in a 40% to 45% down payment and I have no other debt. I'd be willing to consider a subprime rate.
My two problems:
1) My credit history is good, but it's very, very limited, since I spent most of my life abroad (and because, perhaps stupidly, I've just never been a big fan of debt. I don't even have a credit card right now -- although obviously I've applied now that I see what a big problem this is)
2) My income sources are unconventional: a combination of student stipends (which I expect for four years) and self-employment income. I am confident that I could afford the loan I'm asking for, since my payments would be about one third of the regular monthly graduate-student/researcher paycheck I get from my university, and my self-employment income is on top of that. (Also, before I was a student, my income was roughly double what it is now, so I believe that when I finish school my income will only increase.)
But this seems to be too much weirdness for most lenders to handle.
I've read that some lenders, a few years ago at least, would offer a "no-credit-check mortgage," where they didn't check your credit, and where they didn't need verification of your employment income, provided that you had a good down payment. Does anyone still do that? It seems like it would be perfect for me. As I said, I'd be willing to pay a subprime rate.
Other pertinent info:
- I am a U.S. citizen.
- I don't think I can get a co-signer on the mortgage, which I know would otherwise be the easiest solution. The rest of my family hasn't lived in the U.S. for decades, so they have no credit here either.
It's a bizarre situation, I know, but all true. Help! And thanks very much.
My two problems:
1) My credit history is good, but it's very, very limited, since I spent most of my life abroad (and because, perhaps stupidly, I've just never been a big fan of debt. I don't even have a credit card right now -- although obviously I've applied now that I see what a big problem this is)
2) My income sources are unconventional: a combination of student stipends (which I expect for four years) and self-employment income. I am confident that I could afford the loan I'm asking for, since my payments would be about one third of the regular monthly graduate-student/researcher paycheck I get from my university, and my self-employment income is on top of that. (Also, before I was a student, my income was roughly double what it is now, so I believe that when I finish school my income will only increase.)
But this seems to be too much weirdness for most lenders to handle.
I've read that some lenders, a few years ago at least, would offer a "no-credit-check mortgage," where they didn't check your credit, and where they didn't need verification of your employment income, provided that you had a good down payment. Does anyone still do that? It seems like it would be perfect for me. As I said, I'd be willing to pay a subprime rate.
Other pertinent info:
- I am a U.S. citizen.
- I don't think I can get a co-signer on the mortgage, which I know would otherwise be the easiest solution. The rest of my family hasn't lived in the U.S. for decades, so they have no credit here either.
It's a bizarre situation, I know, but all true. Help! And thanks very much.
Most, I believe all, national mortgage lenders have discontinued stated income. It does still exist in several states, mostly with local portfolio lenders.
You may get a better response/answer if you note the state in which the purchase will be made.
For example, I know stated income and No ratio mortgages may be available in NJ and CT and nine counties in NY and five counties in PA.
I can not speak for anyplace else, but, would note that hard money is usually avaialble with sizeable down payments.
You may get a better response/answer if you note the state in which the purchase will be made.
For example, I know stated income and No ratio mortgages may be available in NJ and CT and nine counties in NY and five counties in PA.
I can not speak for anyplace else, but, would note that hard money is usually avaialble with sizeable down payments.
Thank you!
I'm in NJ. So it sounds like something possible may be possible?
I'm in NJ. So it sounds like something possible may be possible?
It may be possible.
A with any mortgage, the "total" picture becomes important. Lack of history is not a good start. These mortgages are approved based on credit history and verification liquid assets in an amount that should be inl,ine with income.
Self employed income is not verified, but, the employemnt time is verified. Must be two years or longer self employed.
Then again, you have other income.
Eother call me (info above) or contact me at: jveenstra@approvedfunding.com
It is 6:35 PM and I MUST RUN OUT TO AN APOINTMENT. SORRY, CAN NOT TALK OR CORRESPONDENT RIGHT NOW
TOMORROW
A with any mortgage, the "total" picture becomes important. Lack of history is not a good start. These mortgages are approved based on credit history and verification liquid assets in an amount that should be inl,ine with income.
Self employed income is not verified, but, the employemnt time is verified. Must be two years or longer self employed.
Then again, you have other income.
Eother call me (info above) or contact me at: jveenstra@approvedfunding.com
It is 6:35 PM and I MUST RUN OUT TO AN APOINTMENT. SORRY, CAN NOT TALK OR CORRESPONDENT RIGHT NOW
TOMORROW
Laura,
I am in NJ as well. If you have a credit score that is in a particular range and you can document the fact that you are self employed then yes...it can be done. There are some lenders out there that still do stated income.
I am in NJ as well. If you have a credit score that is in a particular range and you can document the fact that you are self employed then yes...it can be done. There are some lenders out there that still do stated income.
My wife and I have a combined income of over 120,000 a year. Our credit score is high enough to get a loan. But when we filed our taxes it cut our income in half and it is keeping us from getting a loan for about 140,000. Can anyone help us get finaced?
Hi jones!
Welcome to forums!
Unless you can prove your total income, it will be difficult for you to get qualified for a loan. Nevertheless, you should get in touch with the local credit union or the local private lenders and check out if they can help you in this matter.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Unless you can prove your total income, it will be difficult for you to get qualified for a loan. Nevertheless, you should get in touch with the local credit union or the local private lenders and check out if they can help you in this matter.
Feel free to ask if you've further queries.
Sussane