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self-employed, limited credit history, been outside the us, do I have hope?

Hi,I'm currently 23 years old, and had been living outside the U.S. from 2003-2008. During that 5 year period, I was unemployed and living with my common-law spouse. In August 2008, I was presented with and excellent start-up business opportunity, and I pursued it. I immediately moved back to the U.S. as a self employed individual, and brought my (now wife) with me. The good news is, my business has been a complete success thus far, and I am not in any kind of debt. The bad news is, I have very limited credit, and apparently no FICO score at all.My question is, how will lenders evaluate me based on my limited employment in this country? How will they perceive the situation if I offer to make a 40-50% down payment on the home I want to purchase? How will lenders react if I tell them I can pay off the loan within 15-24 months? I assume that this ending in my favor is just wishful thinking, and that my eligibility will ultimately come down to my FICO and history of employment.Any input would be much appreciated. by peachygeorgian from Atlanta, Georgia. Sep 15th 2009 Reply

Gene Ayzenshtat (Mortgage Expert)
#1 ranked lender in Massachusetts - 8 contributions

Since you're currently self employed, you must show the lender 2 years self employed history and proven income in US. Also you will have establish your credit once again, which also take few years. So at this point you will have to wait.

Sep 16th 2009
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