Posted on: 08th Jul, 2010 01:14 am
Im a first time home buyer but i dont have any verifiable income. I have been self employed for a year so i dont have the 2 years of tax forms to qualify. Im only looking for a loan around 85k. My credit score is high 600s and i have zero debt.
Is there any option for me to get a mortgage now? What if i have someone cosign?
Thanks for any help.
Is there any option for me to get a mortgage now? What if i have someone cosign?
Thanks for any help.
Hi jt,
Unless you're able to provide income details for the last 2 years, lenders will not be ready to give you a mortgage. However, if you have a co-signer, then you may get a loan. The co-signer should be able to provide income statements for the past 2 years in order qualify for the loan.
Take care.
Unless you're able to provide income details for the last 2 years, lenders will not be ready to give you a mortgage. However, if you have a co-signer, then you may get a loan. The co-signer should be able to provide income statements for the past 2 years in order qualify for the loan.
Take care.
as suggested by Sara, your income details are most important thing.....
you can check with local lender about reqired paperwork
you can check with local lender about reqired paperwork
Do FHA loans allow co-signers?
Yes FHA loans permit co-signers. The technical name is a non-occupant co-borrower. Most still require the occupant borrower to have a job and income, which you have, it just wouldn't be able to qualify. As long as your credit is decent, and the non-occupant co-borrower's income is sufficient for the mortgage, your odds of getting approved will be good.
Thanks for all the help. Now where do i start to apply for FHA loans? Should i just go in my local banks? ie. bofa, wells fargo, chase.... etc?
I'd suggest none of those banks, they all have a reputation to prematurely pre-approve someone without getting all of their details, this leads to people making offers on homes later to find out the underwriter is not OK with the full situation and they have to scramble to find a new lender. You can submit an inquiry here for a free mortgage quote and it will be forwarded to a loan officer who can help you out your state, or if there is a loan officer you have seen here that you like you can contact them directly. Other good sources are getting referrals from family, friends or co-workers who have recently obtained a mortgage and were happy with their mortgage professional.
Thanks Shane, i will contact you soon.
Welcome, have a good weekend.