1st time buyer

[jaydog]

I plan on buying a new home and hopefully closing before June 30th so I can get the tax credit. Of course I have a few questions,

I am self employed and have only made 15,000 in 2008, and about 30,000 for 2009. What can I expect when applying for a loan?

I live in NY and plan on buying in FL. Many banks want to see that I will be employed in FL, but I plan on keeping my business in NY. Will this be a problem?  The type of business is a Ice Cream dist.

My credit scores are

EX 707

TU 711

I have a civil judgement on both, which I am disputing now. That is the only negative I have. 

Thanks in advance

Message Edited by jaydog on 01-15-2010 05:04 PM

[Anonymous]

With SE, they will average your last 2 years income.  So unless the house is very inexpensive you will have DTI issues. 

Any disputes will have to be resolved

Any remaining judgements will have to be paid

There will likely be issues if you live and work in NY and want to buy in FL.  THey may be able to work it out, but it will be brought up and there will be questions.

[Anonymous]

Also, looking at the numbers, even og you have zero debt right now, you would probably only qualify for about 800 payment.  Seeing how in most areas of FL taxes and insurance are a bit high I believe, it is going to be hard to find a place that would fall under that.  But, There may well be markets down there with that, I do not know.