Home Buying in Little Elm>Question Details

cgmercado68, Home Buyer in McKinney, TX

i want to purchase a home preferably new construction,i tried 2 lenders already and they 've said that i dont show enough income,since im

Asked by cgmercado68, McKinney, TX Tue Jan 29, 2013

contractor 1099. so Is there a type of lender that specialized in contractors where they can keep the loan inhouse and have more flexible underwriters. Which income do they base the loan off.gross income or adjusted income after deductions.. so in order to qualified for a $220,000 how much would be the minum income in order to qualified for this much.Going FHA. 640 credit score.

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rcordry’s answer
I am the loan officer at PointBank in Little Elm. We have multiple opportunities to finance you - FHA, USDA, conventional or even a portfolio loan. Call me at 972-896-7692 and lets set a time for you to come in.
0 votes Thank Flag Link Wed Jan 30, 2013
Unfortunately banks generally will make self-employed borrowers qualify on the net income from the last two Schedule C's.

Fortunately I have a program that uses the last 12 months' bank statements for income to gauge the real cash flow. The only snag is that the maximum purchase price is $200,160. Contact me if you're interested.

John Lyng
Mortage Counselor-NMLS 280951
0 votes Thank Flag Link Tue Jan 29, 2013
Yes, my program requires no closing costs or down payment.
Flag Tue Jan 29, 2013
would you be able to pitch in with any closing costs,
Flag Tue Jan 29, 2013
Yes! There is a lender that can help you get into a new home in Little Elm. His name is John Best. Please email him at loansbybest@gmail.com. He can answer each & every question you might have about financing your new home. After John has gotten you pre-approved, call me & we will work out the contract with the builder. Yes, even with new construction, a Licensed Realtor is your best asset! And it costs you absolutely nothing! I live it Little Elm & would be happy to help you with the home buying process!
Seana Taylor
0 votes Thank Flag Link Tue Jan 29, 2013
You need to speak with a good lender. Then choose s Realtor when you are ready .
0 votes Thank Flag Link Tue Jan 29, 2013
Yes unfortunately all lenders out there will look at the net profit after deductions avg. out from the previous two years tax returns. Sometimes some of those deductions can get added back into the gross profit but to determine that I would need to look at your tax returns. If you would like for me to take a look at things and determine what is available out there I would be happy to. P: 888-320-7888 - Ken@MortgagesforAmerica.org - Ken Burrows
0 votes Thank Flag Link Tue Jan 29, 2013
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