We want to buy a house....?

Question

but have pretty bad credit and not much money down. Also, my income is in cash being a nanny. Are there any mortgages out there for us? We make enough money to make monthly payments iwth no problem, but we've had problems in previous years that are hurting us now. Thanks in advance

Answer 1

You're screwed. Do you read the papers? Watch the news? The lenders are much more careful about who they lend money to now. Your credit is everything now. Work on it.

Answer 2

I will start working on the credit- try to repair as much as you can. If you work for the cash , the lender will ask for your last 2 years income tax return showing sufficient income to support your mortgage payments. Programs with no income verification are basically gone and if we can find them, they are for the borrowers with very strong credit and large down payment. Down payment for your situation is not that important- you will need 3% , but if you don't have good credit or sufficient income- this will not work. Good luck.

Answer 3

I am also a mortage loan officer and with your bad credit, little money down and the fact that you receive your income in cash, I can guarantee that you will not qualify for any mortgage in today's market.

Sorry

Joel

Reverse Mortgage Consultant

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