I currently have insignificant income due to the fluctuations of my line of work -- entrepreneurship.
I do not have any steady income and can't guarantee minimums always -- but I have done some calculations and found a way where I could put a fair down payment and manage to make the minimum mortgage payments per month. I can round up about 50% down -- then I could make the ~$500 a month payments minimum guaranteed. The problem is that no mortgage company will work with me since I have unsteady income; no valuable tax info that suggests my earnings are currently significant enough; work for myself and thus don't have any employers; and I don't have much collateral to give -- not even $10,000.00 worth. I tried 7 companies and none will help me.
I know you're going to say "go lower," but they still won't work with me for the same reasons -- so I figure the price of the property is zilch if no company wants to give a mortage w/any property at all.
The reason for the discrepancy is that I'm seeking a condo property -- and none run over 100K that are at least a livable size. Any condo under 100K would be exactly the same size as a closet.
Apartments are too ratchet for < 100K and most houses where I live are falling apart < 50K.
The reason I don't care about price is because the companies don't care because I don't have steady proof of income -- so I decided I don't care about property price either, assuming I can afford it (which I can). What options do I have? As stated, any stated-proof of income lenders want massive collateral -- like 50% or more of the entire property's value -- and they want massive interest rates on top of that, which would kill my ability to pay decently. Also, no mortgage company will even help me out with properties ~$75K. It's unfortunate that I'm self-employed.
I have great credit, but that's still not good enough for the companies I've tried. Keep looking??
I'm trying to improve my financial condition greater, but that won't help me right now when I'm in need of a property. I could rent, but that's throwing money away. What options do I have?