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Hisham, Renter in Lake Oswego, OR

i been working for six month as an independent contractor, my credit score is around 650, with a !0% down, what are the chances of being approved??

Asked by Hisham, Lake Oswego, OR Sun Jun 3, 2012

I been working for six month as an independent contractor, my credit score is around 650, with a10% down, what are the chances of being approved?? Looking to start my mortgage application asap. please reply.

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4
Hisham, I understand that lenders like for buyers to have a two-year history of work in the same trade. Your income and downpayment need to be documentable. A lender can help you figure it out. I recommend Bill Morris of Pinnacle at 503-409-5421. Good luck!
1 vote Thank Flag Link Sun Jun 3, 2012
I use Adam Ansteth with Wells Fargo (503-720-4000). For your situation and area, he is a good choice in lenders. Hope you the best!
0 votes Thank Flag Link Tue Jun 5, 2012
Good morning Hisham,

Typically self-employed individuals need to have a consistent history of self-employment for a minimum of two years. Income is qualified using the two year average of net income after expenses from the Federal tax returns.

Best bet: First steps: Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.



Good luck!
Trevor Curran
NMLS #40140
.
0 votes Thank Flag Link Mon Jun 4, 2012
I think you might have a chance! You will need to check with a local lender to see if any of them are a little less tough on scores than another. I think you might be able to do something though as long as your income also shows pretty good!
0 votes Thank Flag Link Sun Jun 3, 2012
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