Can I get a Mortgage loan by myself and Co Signer Question

[Anonymous]

Hi guys

    I'm currently looking to buy the home that I been renting for the past 2 years. I think I will have a tough time getting a mortgage loan by myself because my fico score is average (654, 645, and 642) and I'm an independent contractor who's only been at my current job for a year(this is the biggest issue I think). But I do have a steady monthly income and makes $60000 per year (I deducted about 20K of it with the IRS last year as business expense). The house I'm looking to buy is $125000 and I will be putting 10% down but can also afford to put 20% down if I must. Additionally I have about $4K in credit cards and personal loans debt and $15K in student loans left. My first question is, is it possible for me to get a mortgage loan anywhere without a co-signer with just 1 year work history and being an independent contractor. 2nd question, if I have to get a co-signer, it will likely be my dad who has perfect credit and makes $100K a year. But he is out of the country for the next 8 months for work, so does he have to be present to be a co-signer or can he just fax the lender all the documents they need. I also think its kind of sad that I have a hard time getting a mortgage loan for a house that I been paying rent the last two years with no problems and the mortgage would actually be alot cheaper than the rent im currently paying. Any help to either questions would be greatly appreciated. Thanks!

[Wolf3]

In the mid 90's I bought the home I had been renting for a while.   The seller carried a 10% 2nd mortgage,  I put down 15%.   The criteria for a 75% loan was much less stringent than an 80% loan.      

[Anonymous]

someone may chime in differently, but I am not aware of any banks or programs that will do S/E with just 1 year on job.  Also, if your after tax income was 40K, and you have a decent amount of debt, you may run into DTI issues even if thye did.

As far as co-signer, that will only help DTI issues, I do not think it will help much with getting your income counted so you can be on the loan.

High down payment can sometimes make things happen, especially if you have a relationship with a local bank.