Home Buying in 20878>Question Details

Mr. Ponder, Both Buyer and Seller in Capitol Heights, MD

What's a strategy for securing a mortgage with a 650 credit score, 10K in the bank for an independent consultant with a fluctuating income?

Asked by Mr. Ponder, Capitol Heights, MD Sat Dec 29, 2012

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Jessica Hood & Laura Roskelly’s answer
Hi Fact,

Your credit score is sufficient but you'll need to have a history of income at the same type of position. And, unless you are eligible for a VA loan, you'll need a minimum of 3.25% for a downpayment. Your best option is to connect with a reputable local lender. Contact me if you need suggestions.
0 votes Thank Flag Link Sun Dec 30, 2012
Great question...it depends on how long you have been an independent constant. The mortgage lender will require 2yrs of proof of income and also proof of your current income via pay stubs and bank statements.
You have a good amount saved for your down payment... I work with a company that will provide a dollar for dollar matching grant up to $10k for first time homebuyers. It's not a loan and does not have to be paid back.
If interested, feel free to contact me.
0 votes Thank Flag Link Sun Dec 30, 2012
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