Cash to buy house, but want mortgage. Problem? No steady income. (credit, mortgage rates)
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Is it possible to buy a house (say $160K) with a mortgage if you have more than the cash to buy it outright and have stellar credit (FICO 800+) BUT your income is from contract jobs with breaks between them (under $40K/yr currently)? I had initially thought of buying a home with cash but that only put me in neighborhoods I didn't want to live in. Now, I'd like to buy in a certain neighborhood but I don't want to spend all the cash with mortgage rates as low as they are now. Can you get a mortgage under the circumstances I described? Thanks.