 lisac10199
Joined: 20 Oct 2008
Posts: 1
1.45 Dollars($)
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 Posted: Mon Oct 20, 2008 7:44 pm Post subject: Can we get a loan? |
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We are first time homebuyers that have just moved to Minnesota from California (where we would've never afforded a house). We have a complex situation that I fear may prevent us from getting a good loan, or perhaps one at all, so I wanted to see what you folks on the forum think.
I am employed, but my husband is self employed with irregular income that often comes in in cash payment so it is not verifiable on paper and varies a lot from month to month. Does that mean we need to do a no doc loan? If so, from what I've been reading on the 'net, it seems that companies don't like to do those anymore.
Together we probably make about 50K annually. We have no debt of any kind. We both have excellent credit scores, 812 and 820. We have good savings in the bank, about $120,000 and we plan to put down about 50K of that on a house. We are looking in the 200K or less loan range and a 30 year fixed.
So I guess what I am basically asking is are we a good risk, or are we going to have a hard time getting approved?
Thanks for your help,
Lisa |
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