Profile picture for perennialpantry

IF I put down a larger amount, will the mortgage officers overlook our spotty work history?

We have 70,000 to put down on a house that costs about 150,000. I am self employed, and have only been at it for about a year. My husband works here and there, but does not have anything long term. 
We are planning on having a roommate to help to pay the mortgage.
Is there an option for us to get a loan for the 80,000?
  • January 09 2014 - Portland
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Answers (4)

Yes, that is true amongst some lenders. The larger down payment you have, the more likely lenders would be willing to over look risky factors such as your spotty work history. Now the next issue would be to find a lender that is willing to do an 80k loan, but that shouldn't be a problem. Most lenders should be willing to do that. The best thing for you to do is to speak with a lender such as myself to see if you can get started on financing a new home. If you have any further questions or if you would like a loan, feel free to contact me!

Good Luck!
  • January 10 2014
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Yes, the more you put down the more likely a lender will over look financial issues. Also, should be no problem to finance 80,000 - I've heard of many banks that will finance as low as 60,000 - most will loan at least 80K. Should not have a problem. Now of course, they will take your whole financial picture into account, but sounds to me like you have the right idea.
  • January 10 2014
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I'd guess the biggest issue would be depending on a room mate for paying the mortgage, but I'd be happy to give you contact information for two top-notch mortgage brokers in Portland who wouldn't have to guess at the answer.  If you don't qualify for a mortgage today, they can probably show you what you need to do to qualify for a mortgage in the next 6-12 months.
Another option is what's called a "hard money" lender - basically an individual with money who's willing to take higher risks than a conventional lender, but the rates would be really stiff and they come from the heritage of leg-breakers for late payments. 

Look at it from the lender's side.  Would you loan money to someone who needs a room mate's income to make the mortgage payments?  What happens if the room mate moves out?
  • January 09 2014
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Profile picture for wetdawgs
Do you have income that you can show on your tax records for the last several years?

  • January 09 2014
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