Opportunity to buy house ok credit,self employed

[Justice Nelson]

Hi Everyone, I’m looking for some advice on going about purchasing my first home.We have come upon the opportunity to purchase the home we have been living in for the past two years through some unfortunate circumstances.

My current financial situation is good and looking to improve but my wife and I don’t have the best credit and we are both self employed 1099 contractors so our job history isn’t as stable as 9-5ers. On the upside we have access to a co -signer with a good credit score. So my question is can anyone point us in the right direction to get this first property under our belt!

Any and all advice is greater appreciated

[Brenden Mitchum]

Hey @Justice Nelson, welcome to the BP community!

As long as you have at least 2 years of 1099 work with proof and/or a cosigner you will likely be able to get a traditional loan, but the only person that can tell you this for sure is a lender. So you definitely need to speak with a lender in your area. Seeing what you can get pre-approved for is step #1. If you can't get a traditional loan on the property, you can ask the current owner if they would be willing to seller finance. In fact, if they are in a tight situation they may be fairly receptive of this idea. Couldn't hurt to ask, right? 

Hope this helps a bit! Please, feel free to message me anytime if you have other questions or just want to chat!