Buying a House on Lower Income
Ways to Beat the Loan System
If you have a dream house in your sights, you’re probably on the look-out for a mortgage. However, it doesn’t look like your income requirements can satisfy the mortgage. There are simple ways to achieve the dream on a low budget and get the dream sooner.
You can impress the loan officer with a history of working more than one job. Show you have the ability of tackling a regular job with a part-time job to augment income. And if you are enrolled in a public assistance program, it means you are receiving additional income as well. This works well if such assistance is shown to run for the next 3 years or so. Consider also capital gains income, long-term disability income, interest and dividends, retirement, government annuity and pension income, Social Security, unemployment benefits, among others. Each of these can help boost your income profile.
Include a co-borrower who also lives with you and which allows you to qualify for a bigger mortgage. Opt for a subprime mortgage instead of a prime mortgage. You will be able to get your house sooner, however, though, your interest rates and closing cost and fees may be higher. Try also to boost your approval chances by showing proof of your savings, no default on your credit dues, low use of debt, or that you have great prospects at your current job.
Seek Expert Advice
One of your best chances of fast-tracking a loan application, even if you feel your credit score is below par, is to see David Haley, your Lynnwood mortgage expert. We have lots of experience helping people with dreams of owning a home on a low budget or even with low income prospects. Drop by to see David some time.
