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HoMe LoAnS ??

mystty - 2007-08-28 09:52:56 - Credit

I am trying to get a home loan, but my credit is bad and i dont qualify for a HUD home loan do to self-employment. i have about 5k saved for a down payment does that help? is there anyone who will give me a loan? ( i DONT have a co-borrower) most of my poor credit is due to major hospital bills. my score is in the low 500

Best Answer:

It depends on how long you ahve been self employed, and what is the BOTTOM LINE income reported on your schedule C. Most government mortgages require up to 3% down towards a purchase.

Answers:

Look at first time home buyer programs.

It depends on how long you ahve been self employed, and what is the BOTTOM LINE income reported on your schedule C. Most government mortgages require up to 3% down towards a purchase.

What is bad, is it below 620? You need to understand that you are asking for a home loan (large amount) and yet your credit shows that you can't even pay smaller loans. What makes you think you deserve a home loan? Much goes into determining qualifications. Income of course is huge, you need to be able to pay back the loan, Your $5K will probably cover your closing costs. You should typically save 20% of the purchase price. If you are a responsible individual that can afford a house, a loan appliation will determine that. So, do a loan application and if the broker doesn't call you back...then you know the answer. Good luck.

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