It has become tougher for the self – employed to get a mortgage loan these days because of the housing crisis. People working for themselves go through a more strenuous mortgage loan application nowadays then in previous years. Getting a self- employed mortgage loan is not simple, but it is doable. It takes a good combination of hard work, a solid application and a good lender.
To initialize the process, contact a loan officer or mortgage underwriter. You can inquire from your local bank or personal contacts- they might be able to give good referrals. To get the loan application moving, it is often better to work with the person face- to- face. That’s why starting your search locally is apt to give you better results although you can look from online resources.
Prepare and organize necessary documents. Typically, these are several months of your personal and business bank account statements, your income tax returns for the past two years, a copy of your business license and two valid identifications. Have them photocopied and hold on to the original copies.
Clearly present records of your payment history. If you’re renting, present a statement from your landlord or your canceled monthly rental checks. If you own a house, your credit history will be sufficient. Canceled checks on a renting situation can be shown as proof for an owner- financed mortgage.
You need to verify your income. Present proof such as your income tax returns and a month’s worth of receipts to signify that your income is current. Income verification is standard these days- no more no- doc loans or mortgage qualification based on stated income alone.
Keep contact with your loan officer. Follow up on the paperwork and furnish copies of necessary documents. Hopefully, you can find your way to a 15- 30 years fixed rate self- employed mortgage on a property in Layton Utah Real Estate. Locking in a 15- 30 years fixed rate mortgage is better than an adjustable mortgage loan or ARM.
You’d also need to save up for a down payment. Loan programs often do not lend more than 95% of the value of the home. If the house costs $100,000, you need to have $5,000. at hand; for a $200,000. home, you need $10,000.
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