I have good credit rating and plenty of cash, but irregular income. With 40% down would anyone give me a 5 year loan?

Asked by miodragcertic, Seattle, WA Wed Apr 23, 2014

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Tue Mar 31, 2015
Hello miodragcertic, there are many loan program choices for all situations with a loan broker like myself as we have about 25 banks we utilize to fund our clients. Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, home price, loan program and how much you want to invest into the down payment and closing costs.

You may qualify to buy FHA with fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down or as low as .5% half percent down payment program. You may consider 3% down conventional from a minimum 620 fico score. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary. You may qualify for stated income loans if you are self employed and have a minimum 700 fico score with 30% down payment and have assets.

You will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve you can be emailed listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

It only takes a few dozen questions to qualify, go over your options and email you listings to study and compare. Here are some links to study as well as web reference links to many loan program pages offered...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
22+ Years Experience
BRE# 01140252
NMLS# 297251
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com

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Von Bonilla, Agent, Arcadia, CA
Thu Oct 9, 2014

That is a great question. Here are some articles that you may find useful:
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Von Bonilla, Agent, Arcadia, CA
Sat May 10, 2014
Hello M,

Did you find a mortgage broker?

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Brian Nguyen, Mortgage Broker Or Lender, Mission Viejo, CA
Fri Apr 25, 2014
It can be tough to deal with an irregular income but your large down payment should allow for some flexibility. There may be some stated income or no doc loans available to you. Either way, having good credit and plenty of cash should even out your irregular income. So the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
0 votes
Von Bonilla, Agent, Arcadia, CA
Wed Apr 23, 2014
Hello M,

Call me tomorrow and I can put in contact with lenders that will give you straight answers.

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