Can pay but can not qualify for loan. What are my options.

[Nikolay Voronovich]

Hello fellow investors.

I want to ask your advice.

I find home where I want to live. And I know I can pay for this. But can not qualify for credit. What I can offer to potential co signer to make it interesting for him. Any ideas ,thoughts..? Will appreciate a lot. Thanks.

Condo in Pasadena. Close to rose bowl. Shows mortgage at 2155. I currently pay 1525 in rents and just paid my car which was 400 a month. So I definitely can pay for this. But due to last two ears tax reports I can only afford 1500 mortgage. I am self employed professional. So last year was not planing for house and write- off all my deductions.

Looking forward to hear opinions and maybe offers.

[Albert Bui]

Originally posted by @Nikolay Voronovich:

Hello fellow investors.

I want to ask your advice.

I find home where I want to live. And I know I can pay for this. But can not qualify for credit. What I can offer to potential co signer to make it interesting for him. Any ideas ,thoughts..? Will appreciate a lot. Thanks.

Condo in Pasadena. Close to rose bowl. Shows mortgage at 2155. I currently pay 1525 in rents and just paid my car which was 400 a month. So I definitely can pay for this. But due to last two ears tax reports I can only afford 1500 mortgage. I am self employed professional. So last year was not planing for house and write- off all my deductions.

Looking forward to hear opinions and maybe offers.

With self employed you'll have to strategically structure your tax returns with your accountant and a loan officer who understands how the underwriter will interpret your income and this may allow you to qualify if done right. However, if you're way off of what you need to qualify you may want to do what Dmitriy referred with with a credit partner.

Other options is if you have enough down payment you can purchase the property as an investment property so that a potential renters rent income can be used to offset the full mortgage payment of 2155 you mentioned above so that you'll be able to qualify. There are many ways to structure this file to accomplish what you're looking to do.