Close

See current mortgage rates on Zillow Mortgage Marketplace

Profile picture for user0224086

Loans for self employed, 803 myfico score, 25% + down?

Hi zillow community, Are there lenders in today's TC market who can finance me? I a, self employed, and can provide: 5 years tax returns 25% + down payment Around $40,000 income (spouse has foreign income and can show more but no US docs) 803 myfico score Desire home around price range of $140,000 max. Will go lower if we can. I can show an established client who has paid, for 5 years +, $36,000 a year, in addition to a diversity of other clients. Married to foreign national who is in the process of getting permanent resident status. Significant additional income and cash assets associated with his business located in foreign country.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 04 2013 - Traverse City
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (5)

Profile picture for user0224086
Thank you all.

Is it correct for me to interpret your responses as being that lenders have a lot of individual discretion as to the risk they will take on? It almost seems like my case is the kind of thing they'll have to take up the chain of command for approval from a higher up. Does that sound right?

I'm just not sure how discretion is used in the lending process these days. Is it all by the book, or are there variations in lenders depending on their opinion and conclusion of my circumstances?

Thanks!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 05 2013
You will also need to show the reasonable expectation that the income will continue for at least the next 3 years...  Having 5 years of income will not necessarily suffice, it will all depend on the lender and their overlays... 

Similar to those posting prior, a reputable lender will work with you and your situation to figure out exactly what you will need to qualify.  The large down-payment and moderate price of the home will be beneficial during the underwriting process.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 05 2013
Sounds like there are many items to be considered here and the best way to have an open discuss with a reputable lender.  Ask around from friends for a referral or your agent.  Or talk to a few lenders on here.  

Typically good credit and proven history of 2 yrs tax returns should qualify you.  They will go off the net income though after all deductions. 

But again, looks like you have a number of caveats thrown in there. 

Good luck, 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 05 2013
Profile picture for user0224086
That's net. Write offs around 5k (it varies)
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 05 2013
It would depend on the debt to income with the net income. Is $40,000 your net income after all of your write offs?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 04 2013
 
Related Questions
Loans for self employed, 803 myfico score, 25% + down?
Profile picture for user0224086
Latest answer by user0224086
June 05 2013 | 5 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 7101 Cherry Ave, Kewadin, MI Home For Sale
    7101 Cherry Ave, Kewadin, MI 49648

     For Sale: $169,900

    • Beds: 3
    • Sqft: 1620
    • Baths: 2.0
    • Lot: 87120
  2. Brayton Trl, Hesperia, MI Home For Sale
    Brayton Trl, Hesperia, MI 49421

     For Sale: $49,900

    • Beds: 0
    • Sqft: --
    • Baths: --
    • Lot: 171626
  3. Sapphire Dr # 10, Williamsburg, MI Home For Sale
    Sapphire Dr # 10, Williamsburg, MI 49690

     For Sale: $223,400

    • Beds: 3
    • Sqft: 1227
    • Baths: 2.0
    • Lot: 217800