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We're first time home buyers and looking for a mortgage. Here is my situation: My spouse is self employed. He has good income and he will be able to prove it. But the problem is I work part time so I don't get paid highly. So, my wages wont be included. I need to know where can we get a mortgage in such a situation.

Niicss · Posted: Thu May 26, 2011 2:24 am Post subject:

As your spouse has a good income, it will be easier for him to qualify for a mortgage in order to buy a property. Moreover, you haven't mentioned your spouse's credit score. Unless your spouse has the required credit score, he won't be able to get a loan. In order to qualify for a conventional loan, your spouse should have a credit score of around 700-720.

You spouse should contact the local mortgage lenders and apply for a loan. They will check his financial situation and let him know whether or not he will get a mortgage. This community has a large number of lenders. Your spouse can seek a no obligation free mortgage quote from them and check out if they can help him in this regard.

unab · Joined: 25 May 2011 Posts: 68 9.62 Dollars($)

Since your spouse has an handsome income, then not to worry about the situation. Just your husband's credit score is required and please contact the lender and give all necessary information.

gmakerley · Posted: Thu May 26, 2011 12:51 pm Post subject:

Colby, we can't give you a specifically good answer because we don't know enough about your circumstances with what you've provided.

Discuss your situation with a lender or two in your area, find someone you're very comfortable with and have trust in, and you'll probably be dealing with someone who is compassionate and able to deal with whatever situation you're in.

Guest

Colby,

Just because you work part time and dont make as much as your husband does not mean that your income cant be used to qualify for a loan. Actually, depending on credit scores your income may help your situation in obtaining a loan.

Your best bet is to sit down with a loan professional in your area and see how you can qualify with and/or without you on the loan.

jveenstra · Posted: Tue May 31, 2011 1:57 pm Post subject: Self Employed

If you can document the self employed income, you are fine.

If you are trying to say that you need a stated income mortgage because the self employed income can not be documented, then you had best note what county and what state the purchased property will be in. Such mortgage porgrams exist in limited areas of the United States. You will not get a good answer here unless the county and state are indicated.
Where stated income mortgages are available for self employed, the typical down payment needed is 30% to 40% down payment.

tomburris · Posted: Thu Jun 02, 2011 12:49 pm Post subject:

part time income is fine if you want to be on the note.

go ahead and apply

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