looking tbuy a home,with out great credit. actually selfemployed with ssi income also fiance with va loan possibilities butnot greatcredit whr 2 star

Dear Tabitha, I notice that you said that you were VA and also self-employed. A good rule of thumb is that you should be able to qualify for 3x your yearly salary. As a lender, we are going to look at line 37 and then pick any other income that we can add to the equation. Sometimes yes, sometimes no. VA still has 100% financing but there are funding fee requirements that you are going to be responsible for. I would suggest first looking at line 37 and then determining the amount that you could potentially qualify for. We then need to pull a credit report. VA still has some decent guidelines, but you are going to have to assets for show.

Hi Tabatha. It is much more challenging to purchase a home when you are self-employed now. You would need to gather your tax returns and visit with a lender on your financing options. They will often require a larger down payment and assets must be verified. Loans can be given, but the guidelines are very strict. As with most loans now, the lenders will not accept any late payments or rental payments within the previous 12 months as a minimum. With a loan, generally 620 is the minimum for the median credit score to qualify for a loan. The higher your credit score, the lower your interest rate will generally be. You can purchase, but it is very important to have some cash reserves and no late payments on any credit to qualify for a loan now, especially when you are self-employed.