Asked by beckydono, San Francisco, CA • Wed Apr 24, 2013
I'm thinking about buying my first home in San Francisco or Oakland. I have saved up enough for a 20% down payment, which I hope to use for a 2 bd property valued somewhere in the $500-600k range, and my credit score around 720. However my monthly income varies greatly because I am an indepedendent worker / freelancer, and I've chosen to take less work recently so my total income is also quite low. My intention is to rent the extra bedrooms to help with the monthly payments (my current roommates/friends would make the move with me) and leave me the flexbility to continue freelancing at leisure. How is this considered by mortgage lenders - do I look like a good candidate because of my solid credit rating and strong downpayment, or do I look like a huge risk because of my low income? Does it makes more sense to go for less of a property and use the savings for total monthly payments and not rely on roommates?
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