Is it possible to get mortgage on low income tax?

Nina
Nina
Home Buyer
New York

I work for 1099, 730 credit score, have $30,000 for downpayment, my problem is that I was unemployed for 7 months last year and my income tax on 1099 was $16,000. Now I'm making $60,000 and want to take out $290,000 loan to buy a house on Staten Island, Is there still a chance to get a mortgage? thanks in advance

Sun Jun 21 2009, 12:28 - Financing in 10305 - 1 answer
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Robert Fine
Robert Fine
Agent
Staten Island, NY
FIRST ANSWER

Nina,
Yes you can get a mortgage. Having a high credit score and cash on hand is great. Contact one of the mortgage bankers here on Staten Island and ask for a pre-approval. The mortgage person will be able to work the numbers for you. Some key questions they will ask are how much do you owe on your credit cards and other recurring long term loans. So get all your papers together and contact a mortgage broker right away.
Contact me, Robert at VIP Real Estate, 718-967-2600 x312, and I will recommend some excellent folks for you.
Good Luck
Bob

Web Reference: http://public.sibor.com/robertfine
Sun Jun 21 2009, 19:47
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