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There is no doubt about the fact that it could be more difficult for you to get a mortgage loan if you are a free lance viola player than if you are a government accountant. Traditionally, lenders have been more cautious when evaluating loan applications from buyers who are self-employed than from those who work for a regular salary.
If you are self-employed, there is no reason for you to shy away from applying for a home mortgage loan, especially if your earnings have been in the same field for at least two years. Before you begin your search for a house, it is a good idea to meet with an agent of your choice who will be happy to accompany you as you meet with one or more
loan officers. They will probably want to analyze your tax returns for the past 2 or 3 years. Because people who are self-employed can write off many expenses that salaried individuals cannot, it is possible that self-employed individuals may look impoverished on paper. Try to get pre-approval from the lender, and ask for a letter to that effect which the real estate agent can attach to any offer you submit on a home. This will make you look more attractive to the sellers.
The term "jumbo mortgage" currently refers to a mortgage loan in excess of $359,650, although the threshold amount may change as the market fluctuates.
Pat Stewart-Johnson & "The Stewart Team" Greater Cleveland Northeast 7400 Center St. Mentor, OH 44060 Office: 440-255-0905 Voice Mail: 440-668-7151 Fax: 440-255-0906 Email: sales@stewartandstewart.com
To be the best in Real Estate or in any other endeavor in life, you must give 100%, have a genuine interest in people and their best interest, and believe that hard work and integrity go hand in hand. Pat Stewart-Johnson & The Stewart Team believe in these philosophies and have over twenty years of real estate experience. We have carefully selected a team of real estate professionals to help you quickly and effectively get the home that is perfect for you or sell your home for the highest price in the shortest amount of time.
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