Posted on: 20th Oct, 2008 07:44 pm
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
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
Hi lisac!
Welcome to forums!
Some of the community members have replied your queries in the following link: http://www.mortgagefit.com/predeal/about14633.html . Have a look to know more.
Sussane
Welcome to forums!
Some of the community members have replied your queries in the following link: http://www.mortgagefit.com/predeal/about14633.html . Have a look to know more.
Sussane
Since most if not all lenders have done away with no doc that doesn't seem like the way to proceed. It may be possible to qualify on just your income. The key is to work on getting a low payment. By going full doc, the rate will be low and this is essential in getting this to work.