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Self Employed

My scenario...

I have credit scores of 643 across the board and carry no debt. These may go up more as I have just disputed some items. However I am self employed. My tax returns for the last few years have showed very little income due to significant deductions (Showed only about 25k income). However, I am about to file my return for 2009 and will report about 50k. Do I have any hope in qualifying?
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February 12 2010 - Phoenix
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BTW, this is who you want to work with in AZ!!

http://www.zillow.com/profile/Clearpoint/

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February 13 2010
As Tom said, your income will be averaged over the last 2 years for aprx $37.5K, or $3125/month. Since you say you carry no debt you should qualify for aprx $135,000 purchase, maybe higher, from an income standpoint. Since you have no debt does that mean you do not have any open tradelines reporting on your credit? It is important to have no collections, late payments, etc in the last 12 months, is that the case? 
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February 13 2010
All Lenders use automated approval engines for Fannie Mae, Freddie Mac, and other loan products. The best thing to do is to contact a local "referred" Lender in your area (do not go on line and grab a random Lender!!!!). Sit down with your referred Lender and discuss your entire financial situation. There are lots of variables that go into a loan approval. Credit and Income are 2 of those variables. Sometimes the approval engina will not ask for tax returns.....

Sit down and thoroughly discuss your situation. You never know until you try.....Stay away from random Internet Lenders!!!!

Good Luck! -Pat


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February 13 2010
The 643 does not disqualify you from a loan.  Most likely FHA will be the way to go.  It will come down to your debt to income.  Your lender will average the last two years and the fact it increased this year is a plus.
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February 13 2010
You might just be in luck.  You will need to discuss your particulars with a mortgage broker that is aware of all of the products available in AZ right now.  If you don't have a broker, you can find one on this site.  If you still have no luck, you can ask me for a referral to some that are awesome.  Good luck to you.
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February 12 2010
 
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