Home Buying in Houston>Question Details

Alan Harper, Real Estate Pro in Houston, TX

Lender for lower credit scores and income tax question for self employed individuals looking to purchase a home.

Asked by Alan Harper, Houston, TX Sun Apr 14, 2013

I am looking for lenders that work with buyers with lower credit scores, below 620. I am also looking for a lender that takes into account present self employed income vs just looking at the last 2 years income tax returns to base their decisions.

Alan Harper
REALTOR®
World Wide Realty
2323 South Voss Rd.
281-905-2414

***I have appx. 5 buyers that are in this situation.

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Answers

5
Alan that is a sure problem these days with many many many buyers in the same situation. you can get over the low credit score hurdle in some cases but with both self employeed and low credit, you are looking at 20% plus to out down to get most types of mortgage sin this situation.
1 vote Thank Flag Link Mon Apr 15, 2013
Alan,
We have a lender that will go to 580. Approval is on a case by case basis.

For your self employed borrowers, if their credit is 700 or better we have special financing for self employed where only one year of self employed income is used to qualify. This program allows for expanded debt to income ratios up to 58% and no deductions of unreimbursed business expenses when calculating debt to income ratios.

If that works for you, please call or email me. Thanks.


Anna Maria Durr NMLS 266699
Codemark Financial
2626 Richmond Ave., Houston, Texas 77098
281-592-0667, anna@codemarkfinancial.com
1 vote Thank Flag Link Sun Apr 14, 2013
This site can do 580 FHA with 3.5 down. They have They are great tell them I sent you


http://Www.thelendersnetwork.com
0 votes Thank Flag Link Sun May 12, 2013
We can offer private money bridge loans that require 25 to 30% down, this is for borrower who dont qualify for conventional financing.

John Broussard
Newbridge Investments
713-777-9996 Ext 103
john@newbridgehomeloans.com
0 votes Thank Flag Link Thu Apr 18, 2013
I have many, many, many more than that in the very same position.
0 votes Thank Flag Link Mon Apr 15, 2013
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