Home Buying in 07002>Question Details

Elias, Renter in Jersey City, NJ

Can I be approved for Mortgage Loan with 1 Yearly Income tax and 620 credit score?

Asked by Elias, Jersey City, NJ Mon Jul 1, 2013

Me and my fiance are looking to buy a home in Hudson County NJ preferably 2 family, but most likely by the prices and taxes one family. Now I was unemployed in 2010 and 2011 but decided to do my own thing and became self employed and in 2012 I earned 38,500 for the year. This would be the only proof of income i have since i file it yearly. As of credit my Fiance and i are between 620-630 of credit score. Now I am looking to get a $90,000 to $125,000 mortgage with a preferred $5000 down payment. I can show my bank statement and stocks are over $40,000. So my question is would i be able to be approved for any Mortgage even FHA. If yes please do give me your website/phone # cuz i am ready when you are.

Help the community by answering this question:


A 620 credit score qualifies you for both a Conventional and FHA mortgage. The income and assets give us some room to work, and a 5% down payment would be acceptable. Fortunately, there are a few programs available where 1 year of self-employment income is acceptable. There are a few overlays which is why it's of utmost importance that we speak to ensure eligibility. Additionally, I'm sure both you and your husband have more questions which I'd be more than happy to shed some light on. This is a milestone experience for you both and it should be as enjoyable as possible. If you'd like to determine your options and determine which route is most cost efficient please contact me directly via phone or email.

Kindest regards,

Paul F. Marzolla
Sr. Mortgage Advisor
(201) 957-6768
0 votes Thank Flag Link Wed Nov 13, 2013
I would recommend you check out The Lenders Network, they have lenders that work with scores under a 600. So if anyone can get you a loan they can...

Good luck!
0 votes Thank Flag Link Mon Nov 11, 2013
I recommend calling a lender and ask to get prequalified and tell them your situation. Each lender is different so I would call @ 3 to get an answer. Being self-employed is not easy but not impossible either. Good luck.
0 votes Thank Flag Link Mon Nov 11, 2013
We would have to go over a few things. For instance we would need proof of income from your fiance as well and we usually check the past two years, and that goes for every lender out there. The minimum credit score usually dealt with is 620 so if between you and your fiance it comes out to at least that then that is a good start. Stocks are not usually counted as it is not stable income and with being a 1099 employee it gets a little more difficult. FHA requires a 3.5% down payment so if you can afford a $5000 down payment you should be okay; it looks that the bump in the road would be the job/income situation, but I've seen crazier situations work out. Feel free to contact me so we can try and get it going. You can fill out an application with us for free to see about getting a pre-approval. Thanks and best of luck.

Zach Seales
0 votes Thank Flag Link Thu Aug 29, 2013
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