Home Buying in 93551>Question Details

Hopeful, Home Buyer in Palmdale, CA

Excellent credit, but self-employed, hoping to buy a small, older home in the west Palmdale area (not far west), with a budget of 90k, is it possible?

Asked by Hopeful, Palmdale, CA Wed May 29, 2013

My credit score is 800 and I do not make a lot of money, but I have run the numbers many times and based on my budget could afford a mortgage no more than 90k - however, because of the nature of my business, I need to be in the west Palmdale area. I know there are very few homes in this price range in this area. With the current market, do I even have a shot at this?

Help the community by answering this question:


Hello Hopeful,

Would a condo/townhouse be of interest? That may be possible in the west Palmdale area. Have you been pre-qualified by a lender? If not, that will need to be the first step.

I would be happy to recommend you to a local loan officer to speak with to get this done.

Tamara Stoebe, REALTOR/Notary
DRE License #01827461
Prudential Troth REALTORS
1801 W. Ave. K
Lancaster, CA 93534
(661) 466-6849
Fax (661) 422-3006
1 vote Thank Flag Link Wed May 29, 2013
Everyday we speak to self-employed people here in California that are successful and have good credit but are routinely turned down by banks and brokers when applying for a loan to purchase or refinance their home.

The typical problem that self employed people run into is that they write off business expenses on their income taxes each year. It's a catch 22. If you write off most or all of your businesses expenses, it appears to a mortgage lender that your yearly net income isn't sufficient. On the other hand, if you do not claim many write offs for expenses, you immediately set yourself up for paying higher income taxes.

However, that no longer has to be an issue in your search for a home loan. We can now help locate specialized loan products tailor-made for self employed and high net asset clientele in California only.

We have access to new mortgage options such as:

1. 12 months of business or personal bank statements

2. 1 year tax returns (no more 2 year averaging)

3. Substantial assets

4. No income ratio for loans under 50% LTV

In the past, a majority of self employed people would simply seek out a stated loan in order to purchase or refinance property. After the housing and mortgage meltdown, many of these loan programs simply disappeared. Lenders soon became more stringent with their lending guidelines and it became subsequently harder for people who owned their own businesses to qualify for financing. Now that the real estate market is making its way back, a small number of lenders are now expanding their guidelines to become more attractive to certain buyers who have been neglected.

Give us a call at 800-598-9790 or visit http://www.selfemployedmortgageloans.com for more details.
0 votes Thank Flag Link Thu Jul 25, 2013

It is possible with an assignment of mortgage.
contact Chery Ann at cherylannhousematch@gmail.com
for more information
0 votes Thank Flag Link Wed Jul 3, 2013
Hopeful are you looking for a fixer in West Palmdale?
0 votes Thank Flag Link Mon Jul 1, 2013
Yes, if there is still anything in my price range.
Flag Thu Jul 25, 2013
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