I am self employed, credit of 608 and want to buy a house for $50,000. Are there any lenders that would consider me?

There are programs out there for you, as long as your tax returns support your income requirements. Charlie is correct, though. Most all lenders have a $50,000 minimum loan amount which means your purchase price has to be high enough so that after deducting your down payment your loan amount is at or above $50k. You can find a good lender here at Lender411, or try the Find a lender search engine at the National Association of Mortgage Professionals at www.NAMB.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

If you can qualify with the income on your tax returns, (generally the last 2 years will be averaged) the quick answer is yes. Other factors will be considered, mainly the reason for you credit score. If recent late payments, collections or bankruptcy then you will have to wait a while. Another possible hurdle is that most lenders have a $50,000 minimum loan amount. This means you'd have to buy a home for roughly $55,000 or more. Find a local mortgage lender on this forum who can determine if you can act now.

What is you bottom line income? Do you have any judgement's or liens? What are you debts? Where are you located?Primary or Investment Property? Just a few additional questions

How long have you been self employed?

It really depends on the details of your application and the reason for your 608 score. if you shop around you'll find a lender who can help, but it will be much easier to be approved and you will get a better rate if you can improve your score to 620 or 640+

Absolutely as long as you don't have outstanding collections or judgments and your debt to income ratio is good.

Good Morning valrey, your biggest challenges will arise from the 608 credit score, length of self-employment and the income/loss as reported on your tax returns. There are ways to get your credit score up over a fairly short period of time but if your score is what it is because of a recent bankruptcy, or foreclosure you could be wasting your time. If you have been self-employed for less than 2 years you are going to hit obstacles depending on how far away from that 2 year mark you are and many self-employed Borrowers run into income problems because of the losses and deductions they take on their tax returns. Not sure where you are located but feel free to contact me, with the answers to a few basic questions I'd be happy to help you get a clearer picture of where you stand. Good luck.

Tax return 1040, line 37, is the income an underwriter will use, subject to some Schedule C adjustments.

We require 640 or higher

You have multiple challenges... First is your low score. This knocks you out of almost all options. The second is the house purchase price. Most lenders will not lend on a loan under $50,000 because of silly government rules. The third is as a self-employed person, you will need to provided your last two years Federal Tax Returns. We will look at what you claimed for income, subtract of expenses, and whatever is left over is your income. Contact a local mortgage broker in your area for more assistance.