Quote:
Originally posted by lazycash
Funny you should ask, tomorrow I'm faxing in a home loan application to build a new house I signed the contract for last week. I only have average credit mostly cause I've always paid cash for everything. I'm having to send in bank statments, tax returns along with brokerage and retirement account statements. I've got no debt and will be putting 20% down and my wife makes decent money, so I might be in a different situation than you.
I think there are some other factors that come into play that could dictate whether you got approved besides being self employed. How much you are able to put as a down payment, your current debt to income ratios, along with your fico score all come into play. The mortgage loan business is extremely competitive and there are many out there that are willing to loan those that may be a bit riskier if you're willing to pay a slightly higher interest rate. There's some online services like lendingtree and mortgageexpo that will shop your application to dozens of lenders so that might be a way to go to see if you've got a chance.
|
Wow, small world... I'm doing a new construct with 20% down and they want everything. Already have another house... it gets tricky when you've got multiple's