M
Mike W
Guest
qualify to purchase a home? Hello - I would like to give you some of my financial information to see if you believe I would qualify for a loan before having to run my credit and have points deducted.
I turn 20 years old in the fall. I own a landscaping business. I have been living with my parents to be cheap and save money for as long as I can hoping to buy a house and to build a good financial cushion
I make a base salary of $2,653.00 each month, $31,836 a year. The business pays pretty much all of my expenses, cell phone, vehicle, fuel, insurance, 50% of health insurance, office telephone and internet - pretty much everything but food, hygiene, clothes, and entertainment. I feel very comfortable with roughly a $900-$1,100 a month payment, by IRS regulations I am able to reimburse myself 15% of all expenses for a "home based business" (my office) for (mortgage payment, water, electricity, TV, etc) so I plan about $130-$150 from that.
Experian reported my credit as of 7/31/09 of 742
1 account now closed, no late payments etc
1 account open - $500 limit no balance (paid off each month)
1 account open - Business Equipment Purchase roughly $15,000 remaining of $24,000 - no late payments etc.
Where my problem is,
In 2007 I reported $19,000 in gross income from a previous employer - 3 years of reports
2008 $10,000 (first legal year in business, about 60% of my wages were under the table which hurts for my situation now)
2009 -
I am also employed by Sheetz for the winter, basically just a hobby to have something to do. I roughly pull in about $2,500 over the 3 winter months working part time there.
Another problem is I do not have a co-signer.
I would like to look into purchasing within the next (3) months if it is possible, I just would prefer buying then renting.
If you believe I might be eligible let me know and we can go ahead and do the actual prequalification - I just don't want to run my credit if I have a few possible reasons that can revoke my qualification.
I turn 20 years old in the fall. I own a landscaping business. I have been living with my parents to be cheap and save money for as long as I can hoping to buy a house and to build a good financial cushion
I make a base salary of $2,653.00 each month, $31,836 a year. The business pays pretty much all of my expenses, cell phone, vehicle, fuel, insurance, 50% of health insurance, office telephone and internet - pretty much everything but food, hygiene, clothes, and entertainment. I feel very comfortable with roughly a $900-$1,100 a month payment, by IRS regulations I am able to reimburse myself 15% of all expenses for a "home based business" (my office) for (mortgage payment, water, electricity, TV, etc) so I plan about $130-$150 from that. Experian reported my credit as of 7/31/09 of 742
1 account now closed, no late payments etc
1 account open - $500 limit no balance (paid off each month)
1 account open - Business Equipment Purchase roughly $15,000 remaining of $24,000 - no late payments etc.
Where my problem is,
In 2007 I reported $19,000 in gross income from a previous employer - 3 years of reports
2008 $10,000 (first legal year in business, about 60% of my wages were under the table which hurts for my situation now)
2009 -
I am also employed by Sheetz for the winter, basically just a hobby to have something to do. I roughly pull in about $2,500 over the 3 winter months working part time there.
Another problem is I do not have a co-signer.
I would like to look into purchasing within the next (3) months if it is possible, I just would prefer buying then renting.
If you believe I might be eligible let me know and we can go ahead and do the actual prequalification - I just don't want to run my credit if I have a few possible reasons that can revoke my qualification.