You might want to spend the next year saving for a sizable downpayment - unless your income raises or your lower your debt, there isn't much you can do. Check out my website and downloan our free eBook "Demystifying The Mortgage Process" that helps you understand what lenders are looking for and how to pre-pare for Life's Biggest Purchase!
You need to make sure your payment plus monthly debt payments (mortgage PITI, credit cards, car payments, school debt) is 45% of monthly gross income.
If you are self employed - keep in mind that non-reimbursed business expenses are not eligible to add back into your gross income.
Good luck, give me a call to review,
Mary Kay Laurent
Associate Vice President of Mortgage Lending
o: 773.516.6859 - m: 312.403.4150 - f: 773.516.6014
3940 North Ravenswood , Chicago, IL 60613
NMLS ID: 870598
The highest compliment I can receive are your referrals!