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My wife and I have a combined income of over 120,000 per year. I am self employed and I have a poor credit history. Can anyone help use obtain a mortgage?

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October 01 2012 - Denver
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Answers (3)

Your ability to obtain a mortgage loan has a lot to do with your credit and income. For the self employed borrower, a lender must analyze your last two years tax returns to determine your average income over that two year period.  If in the last two years your business has  taken a lost on your income tax return, you would not be a benefit to the loan process.  If you have had a profit in the last two years then you want to have a mortgage professional take a look at your credit to see what can be done to improve it.
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October 02 2012
I agree with David, that your best plan would be to use your wife only. Your poor credit and self emplpyment will be an issue with most lenders. 
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October 02 2012
If your wife has good credit and enough income without yours, she may be able to qualify on her own. But if you're sel-employed, that adds a layer of risk on top of poor credit. It's not likely that you will be able to qualify regardless of your income. If you would like some credit improvement tips, contact one of the knowledgeable lenders on this site for an analysis. Good luck
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October 01 2012
 
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