Self-Employed Mortgages: 5 Tips to Help You Get Approved
Posted by Mary Ann Castro on
Ever get the feeling that mortgages are designed for people with 9 to 5 jobs? You're not alone. Self-employment can sometimes cause potential homebuyers to hit a mortgage wall, due to a lack of steady income. Not to worry though. Self-employed folks can qualify for mortgages too! By being proactive, you too can get approved for a mortgage. These tips are designed to help you increase the odds of homeownership.
Shop for homes without HOA fees
Believe it or not, homeowner association fees are included as a part of your mortgage calculation. So make a point to look for homes without any HOA fees. It may be the difference in getting approved or rejected by a lender.
Look at your tax history
Lenders determine your monthly income by looking at your…
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Stay connected with the latest Austin real estate news. See what's happening in Austin and stay ahead of the game in this increasingly competitive market. Courtesy of JBGoodwin REALTORS®. This month we feature stories on Austin rental rates, Hotel San Jose, and a high profile listing in The Domain.
Due to recent policy changes affecting government-backed loans which focus on the Federal Housing Administration (FHA) and secondary mortgage market giants Fannie Mae (The Federal National Mortgage Association) and Freddie Mac (The Federal Home Loan Mortgage Corporation), first-time home buyers could find it less costly to come up with a down payment or to afford private mortgage insurance (PMI). This is a result of the current administration lowering the premium that borrowers with an FHA-backed home loan must pay for mortgage insurance. This has been lowered from 1.35% to 0.85%.