Financing in Memphis>Question Details

Mererae, Home Buyer in Memphis, TN

Can we qualify for a loan with my credit score being zero?

Asked by Mererae, Memphis, TN Fri Jun 5, 2009

My husband is self employed and makes great money, but wrote off a ton on taxes last year. His credit is VERY good. My credit score is zero and my income and employment history are great. We live in TN, can we get approved for a home loan?

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Gerald Williams’ answer

The answer is yes, it may be possible for you to qualify for a loan. You will need a direct lender who does manual underwriting.

Gerald Williams
Affiliate Broker
Mortgage Loan Officer
BenchMark Realtors, LLC
BenchMark Mortgage, LLC
0 votes Thank Flag Link Fri Jun 5, 2009
If you would like to receive some excellent assistance and advice, and work with a local lender and real estate professional, you may want to e-mail me at

Michael Bellaire, Broker, ABR
0 votes Thank Flag Link Fri Jun 5, 2009
Don said it correctly. Your score cannot be zero. You may not have a score, but a zero score is impossible. Most self employed owners do show little income to save on taxes, but its a double edges sword since Stated loans have virtually disappeared. I would be more than happy to run some numbers for you to see what your actual score is and to see what financing best fits your needs and goals. If your interested, it takes only about 15 minutes for me to get a good idea of your situation and how to get meet those needs. Give me a call or send me an email

Danny Castagna
Sr Mortgage Consultant
E-Mortgage Management
(P) 800-793-9633 ext 185
(F) 888-386-4071
0 votes Thank Flag Link Fri Jun 5, 2009

Your credit score is not zero. Your statement that it is shows that you need to have a better understanding of how credit works. And you need to determine your credit scores and what's on your credit report.

Also, many self-employed individuals are in the situation your husband is: They make good money, but for tax reasons show little actual income. And, yes, that's a problem.

Find a good mortgage broker who'll pull your credit reports (you can do that yourself) and analyze them for you, and then make some recommendations on how to structure your finances to increase your ability to get a mortgage.
0 votes Thank Flag Link Fri Jun 5, 2009
Don Tepper, Real Estate Pro in Fairfax, VA
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