 MrRISC6000
Joined: 06 May 2009
Posts: 2
2.31 Dollars($)
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 Posted: Wed May 06, 2009 1:23 am Post subject: How can we get a loan? |
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| Hello. Here is the situation. I am a Physical Therapist in California. I have been working this last year to pay down all of my debt. I had about 60k or so in credit card debt, which is now all paid off. The only thing showing on my credit now is two car loans. My midline FICA score is 751. I have been doing a mix of W2 and 1099 the past 3 years. Recently this last year in Oct 08, I started contracting for the state of California, providing PT services. I am contracting at a rate of $110 per hour. However it seems from the initial appearances that I can't get approved to buy a house despite my efforts, because now my income is solely 1099, and therefore the mortgage lender won't use my previous years W2 income. Also because of the write off amounts that I have done for the last couple of years on my tax returns, my actual income is low. I have tried to position myself in the best possible circumstances to purchase home, by paying off my debt. Is there anyone out there that can help me? |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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| Posted: Wed May 06, 2009 10:25 pm Post subject: |
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Hi MrRISC,
The credit score that you have mentioned is quite good to get a mortgage. But as you are self employed, you will have show the two years tax return to the lender in order to prove your income. If you can't prove it, you may not qualify for the loan. I would suggest you to wait for sometime in order to show the lender that you have a stable income and then start applying for loans.
Thanks |
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