Im a bartender so I obiously have trouble showing my full income and due to a messy divorce, my credit is not the best. What are my options for getting accepted on a house loan?
What about owner financing. Is this a viable option?
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Great question. The type of loan you are looking for will be a “stated” income loan. You have plenty of options but since the Subprime lending fiasco has taken place, credit score requirements have risen.
For 100% financing these days on a home going on a stated income file you will need anywhere from a 660 to 680 middle fico score. Its also going to be to your advantage to have at least 2 months of mortgage payments seasoned in an account such as checkings, savings, 401k, IRA, etc. to show the bank at the time you qualify.
Depending on the area you are looking to buy you may be able to get a seller carryback, which means that the seller will finance a portion of the home so that you can get qualified with the bank.
Send me an email and I would be glad to look into what programs you qualify for or visit my website. I hope this helps.