1.I can’t get a loan if my credit score is lower than 680.
Anybody who has at least 580 FICO score could get FHA loan with just 3.5 percent down payment.
2. I couldn’t get a loan because I had a bankruptcy 2 years ago.
You can obtain FHA loan after 2 years as bankruptcy was discharged, and after 4 years to get conventional loan. Only after foreclosure it’s 7 years waiting period until you can get any loan.
3. It’s almost impossible to get a loan if I’m self employed
Despite it require more paper works and little bit more job for loan originator and processor, it is very possible to get financing for your dream home.
4.I have to put 20 percent down payment
For conventional loan you will have to bring just 5 percent to the table, and 3.5 percent for FHA loan . There also FHA home ready program that require only 3 percent down, and finally USDA loan that you can get with zero down payment, and only condition it will be in suburban area, but some time it’s much more closser to the city then you might think.
5. I don’t have enough income to get financing for house I want.
You can use a cosigner, and it might be relative or somebody who lives with you and have an income. Also some FHA programs let use cosigner somebody who doesn’t live with you.