I have been self employed for 4 years now and my income is a about 40,000 a year also my wife make about 14, 000 a year my fico score is in the 600

Asked by Odie, Cathedral City, CA Thu Mar 18, 2010

can I qualify for a morgage with about 4,000 down ?

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Hena Martin, Agent, Hot Springs, CA
Sun Jan 27, 2013
Getting a mortgage varies on different conditions ,your credit score has the flexibility of going up ,today it is 600 with a bit of work it could be higher.Other issues need to be discussed either over the phone e mail , looking at all your paper work and helping you with clear direction..HENA MARTIN BROKER .760-251-2868
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, ,
Fri Mar 19, 2010
Hi, Odie

With you being self employed, the lender will require your complete 08 & 09 federal tax returns with all schedules to see what if anything you're writing off since this will effect your over all income. If 40K is you total net gross after write off, then all that needs to be considered is the rest of your and your wife's credit reporting debt (i.e. auto and student loans, credit cards, ect...)since this will be applied against your income as well. Afterwards, you then must take into account the home of interest's property taxes, home owners, and association fees if any. All of these play a major role in determining what your actual buying power is.

And don't forget your interest rate as well. Something that will be determined by your credit score, down payment, and loan program. For FHA and VA, if you credit score is less than 640, you may not be able to get financing now at all, unless you can find a lender/broker still able to do 620. If so, since the industry standard is now 640 or better, you will pay the premium in a higher interest rate and discount pts.
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Hannah Flieg…, Agent, Larkspur, CA
Fri Mar 19, 2010

A 600 credit score is not a great score. Most FHA lenders want to see a minimum of 620 for a credit score. Even then, your mortgage product is not going to be a great mortgage product, it will just barely qualify you.

You might want to consider working on your credit rating first and getting the score up into the 700's this will provide you with access to a range of better mortgage products. Good luck!

Hannah Fliegel
The Credit Repair Expert
Web Reference:  http://www.HowDoYouScore.com
0 votes
Elizabeth Sc…, Agent, Palm Desert, CA
Thu Mar 18, 2010
As long as everything is verifiable and you are searching for a home in the $100,000 range you should be okay. The only way to know for sure is to get prequalified with a lender. One lender you might want to contact is Franklin Loan Center, Walter Neil or any of the associates could help you. Their number is 760-779-8137.

Let me know if you would like a list of homes in that price range and I will email them to you. You can see which ones you are interested in and we can go view them.

You will also need funds for closing costs, you can always ask the seller to pay them, sometimes they will, sometimes they won't.

Kindest regards,

Elizabeth Schulze
License #01860415
Keller Williams Realty
70005 Mirage Cove Dr
Rancho Mirage, CA 92270
760-969-1000 OFFICE
760-333-2134 CELL
760-770-9510 FAX
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, ,
Thu Mar 18, 2010
Yes, you may be able to qualify. How much of a purchase in terms of dollars are you looking to buy?
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