Do y ou think I would qualify?

[IneedAlotOfHelp]

Hey guys,

I have a unique situation...

My TU is 518 and my EQ is 491.

I want to buy a $250,000 home and I have 30% down and

make $15,000/mo net but it's recent (past 7 months) and

previous tax statements show a MUCH lower income.

I haven't even talked to anyone about getting a mortgage

because I feel that my score is way to low to consider.

What do you think?

All my debts are paid off (some have updated while others

have not on my score)...

I'm really getting tired of paying $2k/mo on rent and it going

to nothing. I have considered a lease option, but would just

like to know what you guys think as far as me getting a

mortgage loan given my unique circumstances and what my

options are at this point in time.

Thanks!

[Anonymous]

Unfortunately there are several parts in the approval process and credit score is a big one. Even if everything else is flawless, they're unlikely to touch someone with scores that low. You should hop on over to the Rebuilding Your Credit forum and see what you can do about correcting your score. And start saving now that you have a terrific income

[IneedAlotOfHelp]

What if I had a bigger downpayment, like 50-60%?

Would that increase my chances do you think?

Thanks!

[Anonymous]

I'm definitely not an expert but i don't think so. The only way i could imagine that being possible is if you had a really strong file otherwise. But you haven't been at that job long and something has your scores really low.

I think the way lenders look at it is it doesn't matter how much money you make if you don't show you're responsible in spending it. I don't know what your area is like but if you've got 100k+ maybe you could just buy a cheaper home outright?