All About Mortgages for the Self-Employed
Once upon a time, it was close to impossible for self-employed persons
to qualify for a mortgage. Lenders like to see a certain stability of income,
which isn’t necessarily the way life works if you’re self-employed!
But times have changed, and there are now opportunities to qualify for
a self-employed mortgage than ever before. Certain mortgage products, such as
the Stated Income/Stated Asset Mortgage and the low-documentation mortgage, are
readily available to you.
You’re more likely to qualify for mortgage loans for self-employed
individuals if you pump up the other parts of the mortgage application. In
particular,
1.
Apply for your self-employment mortgage with the best credit score you can muster. A
high credit score is always your goal, but for a self-employment mortgage, a spectacular credit score is your goal.
2.
Pay off all of
your debt. If you can’t do that, then pay off all of your consumer debt. A mortgage for self-employed persons is easier to obtain
when there are no other competing debts owed.
3.
The biggest
downpayment you can afford will also help secure this self-employment mortgage
for you. The lenders look at it this way: the more equity you have in the
house, the less likely you are to walk away from it.
4.
Another asset is your cash reserves. Not having predictable income can be mitigated when
seeking a self-employed mortgage loan when you show you have significant cash
available for mortgage payments should your income become irregular.
5.
Documenting
years of self-employment is far preferable to having just struck out on
your own this year.
| Self-employment mortgage documents |
All of this is not to say that it will be easy; but if you’re
self-employed and want a southern Georgia, or Florida mortgage, we’re the people to help
you. Ask us how!
Labels: home loan self-employed, mortgage for the self-employed, mortgage loans for the self-employed, mortgage self-employed, self-employed mortgages, self-employment mortgage
posted by Avrus Mortgage @ Thursday, August 02, 2012
1 Comments
Links to this post
1 Comments:
Here we are in another day, another week, another month, another year and surprise many more changes - I wanted to bring to light the self employed borrower and the types of data is needed in order to get you qualified. We always used the standard accountant or CPA calculations and investigations over the years but lately the theory of the procedure have become alot more demanding.
Post a Comment
One of the most common complaints about Blogger’s comment form is that it’s on a separate page from the post, styled in a way that doesn’t match the blog. Our new embedded comment form addresses that by putting the comment form where you expect it: at the bottom of the post.
Subscribe to Post Comments [Atom]
Links to this post:
Create a Link
<< Home