We would all need more information from you in order to help with some ideas to get you into a home.
I understand your frustration with the tighting bank criteria. I have just been introduced to a brand new program that may help you.
1. No Bank Qualifying
2. Unlimited Funding Scource (Hedge Fund--Real Estate REIT)
3. Minimum Credit Score 600 (middle score) 585 in some cases.
4. 50% Debt To Income Ratio--Most Banks Max. at 38% Note--Income Must Support Payment
5. 2- Year Verifiable Employment
6. Verifiable Rent or Mortgage Payment (12-24 months)
7. Collection and Charge Off,s Must Be Paid
8. Medical Collections Ignored
9. No Judgements or Liens
10.Foreclosure Greater Than 5 Years
11.Bankruptcy Must Be Greater Than 7 Years.
12.Requires Only 5% Minimum Down Payment (May Vary)
13.In House Underwriting (usually done in less than 5 days)
If you would like to discuss this option further, please email me at your convienance. JustConsiderItDoneInc@yahoo.com
It probably is the part time employment. However, I have a lender from State Mortgage. His contact information is on my site. If any one can find the right program it is him. I have had buyers that couldnt get loans with some lenders however they were able to with programs he had available.
If you need more help,I can offer some othere suggestions! Feel free to contact me!
Your down payment and credit score is not the issue as many have pointed out. Your job is, it does not matter that you work part time, however your income need to be high enough to qualify to make the payments on the house you are buying. If your income is too low to qualify your only option right now is a seller carryback, lease purchase scenario. With the down payment that you have a seller carryback should be fairly easy to get done, however the main concern for you is to make sure that you can afford the payments on the house with the income you have. Not just for 6 months, but long term.
Still, that's only speculation. Talk to one or more brokers and ask what the problem is. They should be willing to tell you, if only to get your business once that problem is rectified.
Hope that helps.
You don't say how much your down payment is? Is it over 20%? The way banks think, is not always the way we think. Just because we know we can afford a home, does not mean a lender will give you the financing. It has to be proved to them. Your biggest thing is that you work part-time. I would then assume that you earn a part-time wage and this is what is preventing you from qualifying. I would suggest saving some more, then trying again in possibly a year or when you work full-time, whatever comes first. Lenders are very careful here in AZ...they have been burned once....and are detemined they will not be again. I wish you good luck! :)