HELP!!! :) I have 20% down for a 246,900 Home Loan.

[Anonymous]

Hello, I am hoping SOMEONE can offer some guidance,

I was a full time employee for the past two years.

This year (2010) I started consulting Full Time along with my Full TIme Job.

I have found a home, My new Consulting position is lucrative. It allows me to have 20% down payment (I can source this income LEGALLY)

Here is the kicker. I was just laid off from the Full Time Job 2 Weeks ago.

My W-2's will show my Full Time Income.

How can I find someone Who can finance me?

I am still making  money, I don't want to go FHA.

I live in Atlanta. Any assistance that anyone can provide.. will MAKE MY DAY!!

I am looking for a conventional Loan.

My median credit score is 640.

I have had some credit issues in the past. Everything is paid off, but still shows on my credit report.

If anyone can direct me to someone...ANYONE.. who can help!!

Thanks again!!!

Nikki

[ShanetheMortgageMan]

Hi Nikki, welcome to the FICO forums.  Sorry to hear about the layoff, this is a tough time for a lot of industries.

The consulting job is considered self-employed since you are most likely going to be 1099'd/contract employee, and that'd need 2 years in order to qualify even though it appears you are making more income than you were being W-2'd.  Can you find a new W-2'd job you'd be an employee at in the same field?  Once you have, and would have a paycheck stub reflecting 30 days of pay, then you could use the new employment and it's income to qualify.  You can still use all of your earnings from your consulting job to use as down payment & reserves to help qualify on those aspects, but just not as qualifying income.

[Anonymous]

Shane!! You rock.. What if I am receiving Severance from the company that laid me off? Does that help? I think I could definitely find a new gig.. Thanks for your help..

[ShanetheMortgageMan]

Welcome, unfortunately severance won't work as qualifying income.  Good luck finding a new gig!