Two questions, then your answer
Question 1 of 2
How do you earn your income?
What are you doing?
Has a lender told you no in the last 12 months, or have you had a credit event like a bankruptcy or foreclosure?
One more thing, and it changes what I tell you next
That is the program. This part is about timing, which is a completely separate question. Answer it honestly. There is no wrong answer here and nothing you tell me makes your result worse.
When are you hoping to buy?
Do you have money set aside for a down payment and closing costs, or a gift lined up?
Do you know of a recent credit problem, like a late payment or a collection in the last year, or a bankruptcy or a foreclosure?
Answer all three and I will show you what to do next.
How do you know which mortgage program fits you?
Two things decide it. How you document your income points you at a family of programs, and what you are doing, buying a home to live in, buying a rental, or refinancing, picks the variant inside that family. A recent decline or a credit event overrides both, because it changes which lender you should go to first.
Which mortgage fits a self-employed borrower?
If your write-offs make your tax return show less than you actually earn, you belong in the alternative documentation family rather than on a conventional file. If you are buying a rental instead, the property can carry the qualification on its own. Read bank statement loans, the self-employed mortgage overview, or DSCR loans.
Which mortgage fits a 1099 or independent contractor?
If you are paid on 1099 forms rather than a W-2, there is a program that qualifies you on that income directly instead of on the net figure left after your deductions. If you have not filed a full history yet, deposit based paths still work. Read 1099 mortgages or bank statement loans.
Which mortgage fits a real estate investor?
If you own rentals and you would rather qualify on the property than on your personal tax return, the deal gets underwritten on the rent it produces against the full monthly cost. That also keeps your personal debt to income ratio out of the way as you buy more. Read DSCR loans or investment property loans.
Which mortgage fits a physician or dentist?
If you are a doctor or a dentist, in training or newly out of it, there are programs built around the way medical careers actually start, including how your student loans get counted and whether a signed contract can carry the file. Read doctor mortgages in Houston or physician mortgages across Texas.
Which mortgage fits a foreign national or ITIN borrower?
If you do not have a Social Security number or a US credit history yet, there are programs that do not ask for either one and build your file from what you do have instead. I work in English and Vietnamese if that makes the conversation easier. Read foreign national loans or ITIN loans.
Which mortgage fits a W-2 employee?
If you are on a W-2 and your income documents cleanly, you are usually in the mainstream lane, and the real question is which of the two main paths costs you less over the time you plan to keep the home. It is worth comparing them side by side. Read conventional loans or FHA loans.
What if a lender already told you no?
A no from one lender usually means the wrong program went to the wrong desk, not that you cannot buy. Before you apply anywhere else, it is worth having someone read the file and tell you which program actually fits it. Read about a second opinion on a mortgage denial or the full program list.
Still not sure? Ask me directly.
A five minute call is usually faster than any tool. Tell me how you get paid and what you are trying to buy, and I will tell you which lane you are in and what it takes to get there. No pressure and no obligation.
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