Self-employed - Posted by george parness

Posted by James (FL) on July 29, 2003 at 21:46:10:


If your father needs to use bank statements, he will need to go through a non conforming lender most likely. With a 680 FICO, and almost 20% down, he shoudl have no problemns getting the loan however, ,at a decent rate (probably in the high 6’s or low 7’s) and assuming his debt to income ratio is ok… that should be an easy loan to do. Find a retail sub-prime lender in your area. Maybe Equifirst… Option One, or Aegis. They hsould all be able to help him out with this. There may be some locally to you as well, but these are three I know of.


Self-employed - Posted by george parness

Posted by george parness on July 29, 2003 at 16:42:13:

Dear Fellow Investors,
I can really use some help here. My father wants to bu his first house in USA. he has a credit history of 5 years and he is also paying income taxes for last 4 years. He is an artist and most of his income is coming from outside of US. He is the info
1-He declared income of 11000-15000 last four years
but he can prove a cash flow (actual income) of $30.000/year to his bank account.
2-his credit score is 680 (fico)
2 credit cards with no revolving balances for last
3 years. No car loans or anything else. His
credit score is low due to unpaid hospital bills
from 1999 (total is $1000) which I will pay in a
3-He wants to buy a house for $180000-$20000 and ready to
pay $35000 as down payment.( in Lexington,KY)

I want to know if anybody from KY in this board can help me, especially Mr. Garcia. Any input is greatly appreciated.