self employed barber, booth rent same shop 16 yrs. 30000.down pay. previous home owner. what are my chances of getting a loan. great credit.

Asked by Bubbasmaster1, 40214 Thu Feb 23, 2012

i was part time for the past 14 yrs, i went full time in the my income is up. and will be better next year. going through divorce. need advice. thanks

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Annette Levi…, , New York, NY
Fri Feb 24, 2012
It all depends on what your tax returns say. We take the net income (adding back things like depreciation) and average your last 2 years. We cannot take any hopes of increased income, only what has really happened.
If you are paying your bills on time the divorce will not affect getting a mortgage.
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Suzanne MacD…, Agent, Morristown, NJ
Fri Feb 24, 2012
There are a lot of factors that go into getting approved for a mortgage. Really the only one who can tell you is a mortgage lender. I don't mean a big bank, but a bank that specializes in writing mortgages. They will look at your particular situation and tell what you can do today, and if not today, when and what you need to do to qualify at some point in the future. They will even give you an idea of when that future date might be. There may also be programs available for first time home buyers, grants and down payment assistance and so on, that they are aware of that may benefit you. If you don't know a lender, call a real estate brokerage and ask to be referred. Realtors will be happy to help in hopes that when you are ready to buy you will reward them by allowing them to act as your buyers' agent.

Good Luck and let us know how it goes!
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