The joys of being self-employed—not answering to a “boss,” making your own decisions, hours, time off—is all terrific. Until, that is, it comes time to apply for a mortgage, because mortgage lenders are all concerned about projecting your future income.
There’s no reason to despair! Your situation may feel unique, but Avrus Financial and Mortgage has years of experience helping self-employed people just like you find just the right self-employed mortgage loan at the best interest rates.
In fact, there are now more opportunities to qualifying on a mortgage for self employed than ever before. Certain mortgage products, such as the Stated Income/Stated Asset Mortgage, and the low-documentation mortgage, are readily available to you.
In general, you’ll have to supply more documentation than borrowers with full-time regular employment, and we know exactly what lenders are looking for from self-employed persons.
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 down payment 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 real estate deal, 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.
If you have all (or even most) of this documentation in hand, then it’s time to come in and talk with us! If you’re looking for a self-employed mortgage loan in southern Florida or Georgia, we’re confident that Avrus Financial and Mortgage will be able to help you. We know all the lenders in the area and can match you to the perfect lender for your situation.
We’ll go the extra mile to help you secure a self-employed mortgage loan at the best possible interest rate for a self-employed mortgage. Why not give us a call today at 800-741-4004?