I make enough that I could afford a 30 year loan on a $100,000 house if I had the down payment. I don’t have the down payment.
I am trying to qualify for an FHA loan, but I am currently self-employed and they want two years of tax returns for this. In a few weeks, I will be employed by someone else, so I will have some pay stubs to show to a bank, but I’m not sure how much they will require to get me the loan.
My credit is good enough to qualify, I believe. However, I have many recent credit inquiries on my report. Something like 14 in the past two years. This has prohibited me from getting an auto loan and I hope it doesn’t prohibit me from getting a home loan.
What are my options for creative financing? What can I do with no money down? Owner financing and then refinance later? Lease options or something like that?
What are all of my options here to get out of this trailer park that I live in. (not that it’s all that bad).
If the bank would lend to me, I could afford it, but they won’t as of now.
I know of a private lender that works on stated income, but he requires a 50% down payment for owner-occupied single family homes.
PS: This is not the trailer park that I manage. It’s a different one.