Self Employed Under 2 years with 790 credit score...options???

Asked by Sandy, Galt, CA Fri Jan 23, 2009

Hi I am a single mom, self employed going just over 1 year, I have alot of write offs, my credit is 790, and I have someone to gift about 30k down. My income for 2008 was next to zero other than child support recieved. Are there any options? thanks!

Help the community by answering this question:

+ web reference
Web reference:


Daniel, , Baton Rouge, LA
Sat Jan 24, 2009
either you make the money necessary to buy a home or you dont

dont write down so much and qualify
0 votes
Marty S, , Irvine, CA
Sat Jan 24, 2009
There are not very many programs left for this type of scenaio, BUT it's not impossible.

I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
877-238-6324 FAX
0 votes
Erin, , South Lake Tahoe, CA
Sat Jan 24, 2009
Dear Sandy: Having some experience with buyers in your same position, your options are alternative financing and/or terms, having someone co-sign for you, or go into partnership with you on the purchase of your home. Any way you can get it done if you're willing to work very hard. A few years down the road and in hindsight, I think you will find you made a wise investment when history proves that we are in a window of opportunity right now. Who knows when that window will start getting smaller and then close.
Web Reference:
0 votes
Shel-lee Dav…, Agent, Rolling Hills Estates, CA
Fri Jan 23, 2009

I have a lender that may be able to do this loan. He just arranged a stated income loan for one of my clients (loan amount $484,000, interest rate 5.875%, 30 year fixed). It was done in 20 days, closed just around Christmas and she is now the proud owner of a very nice house in exactly the neighborhood she wanted (great schools, etc.) Contact me through my profile if you would like a referral to this lender. Thank you and Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
0 votes
Elizabeth H…, Agent, Manasquan, NJ
Fri Jan 23, 2009
Look for a lender that will do a "stated income" mortgage.
0 votes
Sue Archer R…, Agent, Palm Harbor, FL
Fri Jan 23, 2009
I jsut spoke with a hard money lender on a client of mine similar to this. He told me that you need two years tax returns, and a letter from your CPA to demonstrate how long you've been in business.

HOWEVER, you might want to go to a book shop, or library and read how some of the investor books say you can secure money for a home purchase. These include lease to own, or partnering with investors who might be willing to work with you. Traditional lenders will be hard to gain an approval from without the 2 years tax returns, I'm afraid. If you want the name of some authors, just ask, I have a whole library....

Don't give up.
Web Reference:
0 votes
Search Advice
Ask our community a question
Home Buying in Popular Galt Neighborhoods

Email me when…

Learn more