Can I be approved for Mortgage Loan with Low Income tax and 650 credit score?

Asked by Elias, Jersey City, NJ Fri Jul 5, 2013

hello I am self employed and my 2011 tax adjusted gross is $32,296 and my tax for 2012 is 38,500. I have filed joint with my wife and wanted to know if we can be approved for a 100k mortgage or less with both of our score between 650 and 660 give or take. i am wondering any loan including fha. if you can help me please leave you contact i want to buy a home single or multi family in nj. taxes average were i live is $3500 yearly single fam. i have no other loans or bills. my only bills are credit card for both of us which is $550 per month. i do not pay rent or mortgage and i have bank statement of $40k i also have stocks and 2011 car which is paid off cash in needed for assets. please help.

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Alexander Gr…, Agent, San Jose, CA
Thu Jul 11, 2013
We can certainly help you out. You can check us out at and give us a call. One of our loan officers will look at your situation and present you with some options
0 votes
Paul Marzolla, Mortgage Broker Or Lender, Fort Lee, NJ
Tue Jul 9, 2013

As per my reply to your message, your qualifications will solely rely on the property taxes if we were to go Conventional or FHA.


Being that you're self-employed you may qualify for a Stated-Income / No-Doc loan which wouldn't require your to submit tax returns; essentially there is NO income verification. A rather nice alternative option.

Please call me when you have a moment so we can best determine the most efficient way to obtain your mortgage.

Kindest regards,

Paul F. Marzolla
Senior Mortgage Consultant
(201) 957-6768
Licensed by the New Jersey Department of Banking & Insurance
Member of The National Association of Mortgage Brokers (NAMB)
0 votes
x, , 10021
Sun Jul 7, 2013
From what information you have provided, I'm sure that I can help you with financing. We would really have to have a discussion around this for me to be certain, because there is a lot to be considered when a mortgage banker is working with a self employed borrower. There are additional questions that need to be answered, such as: have you been self employed for two years, same line of work, do you file as an S Corp, C Corp or sole proprietorship, do you have any major deductions on 1120S (business tax returns - if applicable), where are the assets for the down payment coming from, is this a primary residence you are looking to purchase, and on and on (don't worry about answering them here, just email or call me). I say aall of theat so you and others can see that it is certainly not as simple as providing income over the last two years, a credit score and some debt. You told us the right stuff, but to provide you with a valid answer, we would need to dig much deeper.

I would be happy to talk further about your mortgage needs. I work at the Chase branch at Madison and 72nd, but could easily meet you in a branch in Jersey City if it is easier. Lets have a preliminary conversation about this and you can decide if you want to utilize my services after our talk.

Call me at 646-522-6340 or shoot me an email to

Ryan McPartland
Mortgage Banker
JPMorgan Chase
0 votes
Andrew Tisel…, Agent, Clifton, NJ
Sat Jul 6, 2013
You should be able to purchase for upto around $125k Check with a mortgage professional. In my coverage area I have homes available for you in Newark, the Oranges, and Paterson,Passaic area.
Let me know if I can assist you and I can recommend a mortgage professional to help you.
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