Hi M,

My name is Jake Johnson and I work with one of the nations largest lenders. We would have to look at the tax returns and see what we can add back to your adjusted gross income to see what we can use for your qualifying ratios. I'm not worried about the credit score. How long has she been substitute teaching for? There is a chance here if things add up. My email is jjohnson@lendamerica.com. Talk to you soon!

I am making about 3000 a month take home. My only expenses are my rent, utilities and a few credit cards. My debt to income ratio is at about 30%. I am not including my fiance's income. She is a substitute teacher and is currently looking for full-time employment. Here score is about 645. She does not have the work history to co-sign. I have been working on my credit and have taken care of a few negative items recently. Hope there are more responses. Have any of you qualified buyers in my situation? How was it done?

I can appreciate your efforts in trying to purchase a home. You are experiencing the same frustration many successful, self-employed potential home buyers are. These days, unless you show enough net income on your tax returns to qualify, you are some-what stuck. Also, the next issue would be the need to increase your mid credit score (middle score of 3) to a minimum of 620. That is not such a big hurdle. Unfortunately, your amount of downpayment doesn't really help you in this situation. What a lender wants to see is that your debts, including your proposed house payment, don't use up more than 40% or so of your income. Please contact me anytime if you'd like me to further explore your situation. Kellie Stringer, Sharp Mortgage Lending, 915-867-2550, kbstring@gmail.com

Don't fight the system. Work on your credit score - 600 is low. Then, increase your revenue or decrease your expenses so that you are bringing home enough profit that someone will want to give you a loan. If you can't do these things, you can not afford a home, and you are just setting yourself up for trouble. Let the lenders save you from yourself.

M,
I am forwarding your question to Kellie Stringer, a mortgage broker with Sharp Mortgage. Kellie is very experienced and knowledgable. She can put you on the right track to qualify for a mortgage. Kellie's phone number is: 915-867-3550.
Patsy M. Olivas
One Realty El Paso