11-15-2008 03:50 PM
My scores are low due to recent new accounts and inq's.
TU 705 / EX 651 / EQ 669
My income as self employed consultant around $200 K / Year
Wife works for state and income $65K / Year
I can put 10% down towards the mortgage.
I found a property that is in NJ and Foreclosed by Bank.
What are my chances of getting approved for a Mortgage loan?
11-15-2008 06:17 PM
It will depend entirely on how much you claim on your taxes and can document. There are no stated loans (for the post part) and all loans that have good terms/ rates you have to document the income. It will also depend on the amount of monthly debt.
With your scores you will want to take a look at your options but you can probably qualify for both the FHA programs and the Conventional programs
11-15-2008 08:04 PM