whats the best mortgage to have when buying at auction

andrewgregory320 · Joined: 19 Nov 2007 Posts: 1 1.59 Dollars($)

being self-employed getting the ight mortgage is causing me hassles please help

banker0679 · Posted: Mon Nov 19, 2007 4:19 pm Post subject:

depends on your state.......in NC they just banned stated income...this law will start in January. best loan will be determined by your yrs of self employment...if you can show proof of income...credit score..down payment, etc

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.80 Dollars($)

Hello Andrew,

It is sometimes difficult for the self-employed to qualify for a mortgage because they cannot provide the documents of income. But there are lenders who are willing to offer mortgage to the self-employed. Stated Income loan or no doc loan could be useful for you. You may also try for a FHA loan.

banker0679 · Posted: Tue Nov 20, 2007 7:37 am Post subject:

FHA doesnt allow stated income.

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.80 Dollars($)

1. Hello Banker, I wanted to mean that he could try for FHA mortgage available for the self-employed.

2. Andrew, did you talk to any lender about the stated income loan? You may qualify for this loan based on the income you state and this is not verified. You may look here http://www.mortgagefit.com/california/cashout-refinance.html#statedinc omeloan for further information on this loan.

To qualify for the FHA mortgage for the self-employed you should have 25% or greater ownership interest in the business with consistent income for a minimum of 2 years. FHA requires copies of tax returns for the past 2 years, a year's profit and loss statement and balance sheet as documents.

evolovik26 · Posted: Wed Nov 21, 2007 7:04 am Post subject:

In a self employed situation your adjusted gross income is considered as your actual income. So if that is enough you can use it to qualify for the loan and if not then you are stuck with the stated option. Expect a bit higher rate and such loan typically requires higher credit score. Also in todays market you would need to bring some money as downpayment. (5%-10%)

Guest 0.10 Dollars($)

cheers for all your replys shame im stuck in the U.K were been self employed for 8 years proven tax returns but only can go through one broker who offered me 4.5% higher than standard rate

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Andrew,

So you have been approved for the mortgage but the interest rate is a bit high. I think you should have shop a bit for the loan. May be you could have approve for a lower interest rate. There are quit a few options available for you. I think you can choose flexible rate of mortgage.

Thanks,
Larry

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