Self employed mortgage

Questions and Answers

i have a couple of apartments in Poland. wanting to buy more means getting some kind of mortgage self employed

A) http://www.poland-mortgage-direct.com/ http://www.ukmortgage4u.co.uk/overseas-mortgages-poland.html http://www.mortgages.co.uk/holiday-homes/Poland/investing.html http://www.newbankfinder.co.uk/mortgage_overseas/mortgage_poland/polish_mortgages.html

I am thinking of taking cempap qualification to be a mortgage advisor self employed any thoughts?

Q) I was thinking of taking my cemap qualifications to become a morgage advisor (self employed) wondered if any one out there had any first hand expereniece.

A) I dont know much about it but I know there are employers out there that are willing to invest in candidates and put them through the Cemap qualification. Why not try this route first as you will be gaining work experience at the same time which will help give you an insight into the market which will help you in the future.

uk: self-employed wanting a mortgage?

Q) I've been working for myself for the last 3 years. Im ready to get my first mortgage. banks will be looking for me to prove what my annual salary is. since i work for myself, what proof/ documents will they require?

A) They will want to see your last 2 or 3 years accounts, certified by your accountant, or else a copy of your self assessment.

How can you get a mortgage when self employed, have accounts but dont earn enough to get what you need?

A) I'm self employed too, my mortgage is an Abbey self certified Tracker. I did not have to show any accounts but I did have to put down a 15 percent deposit

which UK mortgage lender will give self-employed people a mortgage?

A) Try the Nat-West, they did self cert.at one time, not too sure about now but well worth a try- best of luck.

hi, I`m self employed and based in the UK, what would be the best Self-Cert Mortgage available?

Q) looking for up to 110K and 10 or 15% deposit.

A) Are these the mortgages where people can invent their income in order to purchase something way over their heads. Originally they were ment for self employed, but then people who worked for a company decided to do the same, and such is they are way in too deep. I do not like the idea personally. Borrow the least, not the most, thats my motto.

how many years books do i need if im self employed to get a mortgage?

A) Usually 3 years full accountant certified accounts but this is not mandatory. Look for what is known as a 'self certified' or 'self certification' mortgage. These are mortgages where you basically tell them what you earn and they require little or no proof. I've just got one a few months ago (been self employed for 18 months) and all they wanted was a few bank account statements. Go see a goon independant financial adviser to find out what is available. The rates may be slightly higer than standard mortgages but not by much (mine was at 5.8% fixed for 2 years) You can even get these if you have a less than perfect credit record. Good luck.

Where is the best place to get a mortgage if you are self employed?

A) Go to a mortgage agent he will look for the best deals around for your situation Different companies are the best on different months You will need 3 years books for Self Employed or 20 - 25 per cent deposit for a self cert mortgage..............................

Where in the UK can you get a mortgage if you are self employed and havent been working very long?

A) speak to an independent mortgage advisor and ask him/her about self certification mortgages... this is where you simply declare you can afford the monthly payments... you may pay a little more on top of Joe Average, but at least you'll be able to get the mortgage... You will still need to pass a personal credit score though. good luck

Self employed for 4 months, need a mortgage,l any ideas - need help pls?

A) It is possible you will need an accountant to vouch for you and you can get a self certified mortgage ,keep on trying shop around I was put off to start with but got there in the end . Best of luck x

What is the best business type for a commission only self employed mortgage broker?

Q) I would include my wife as a business partner if it made sense financially. My goal is to pay the least amount of taxes. All income is reported on 1099's.

A) Assuming you want to protect your personal assets, you could set up an LLC. These offer all of the benefits of the partnership but with the protection of a corporation. All states have them. You would not have to have your wife as a partner if you do not want to. You can form one person LLCs. Check with your states secretary of state office.

Mortgage for self-employed, 10% down on 120k property?

Q) In US, can someone self-employed who only works 6 months a year (self-employed, making about 8-10k/month) get a mortgage on 120k place? Ideally, I would only like to pay 10% down (enough to break even after I get money from my future renters). I know that there are some 20% down, no income declaration loans at higher rates (7-8%), but what if I only want to pay 10% down? No go? Or someone was in similar situation and can give me a tip or two? I'd prefer a fixed rate, as low as possible (surprise surprise). Thanks in advance I am in US on occassion and have residency there/ 730+ score. I got financing before, but that was when I worked as a regular employee. I have been self-employeed for years now and have more purchasing power than before... but my income comes from all kind of sources (also geographically) and hence it might be easiest if I go with no verification income mortgage. I am ok with credit check, of course.

A) I can help, just shoot me an email to msmith@premierloangroup.com, and we'll see what can be done! Marty

Mortgage refinance, divorce, self-employed for only 8 months? Help!?

Q) I'm in the process of a divorce and I need to refinance my home in order to get my wife off the mortgage and pay her portion of the equity. I started my own business in January and have been working to get that off the ground. Most mortgage companies won't finance a self-employed person without 2 years of business history. Any advice to get this done?

A) Talk with your ex and your mortgage company, you can take out what is called an assumption loan and that pretty much just transfers the mortgage to all in your name (or you and a cosigner- however you plan to do it) and out of her name, the terms, equity and payment don't change assuming you qualify. Then you can take out a home equity loan or a personal loan to pay her the portion of the equity that she is owed. Good Luck- my husband did this when he got divorced

Why is it so hard to get a mortgage as a self-employed person?

Q) I recently applied for a loan on "Lending Tree" and was denied a loan from any bank. Despite the fact that I have a 740+ FICO and have been gainfully self-employed for 7 years, not to mention I have taken over the business of the shop for the last 2 years. I have a small debt and have paid 1/3 of a car loan, other then that I still at least 1500 dollars left available to apply towords a mortgage payment? What gives, this is discrimination against the self-employed ! If your employed you can lose your job just like someone who is self-employed? What makes then safer bets?

A) Your self employed therefore you are your own security , meaning they require security of income and as self employed you don't really have that unless you have private insurance coverage that guaranties your income in cases of health ect. Its all about wealth and equity. If you can guarenty your income you are a good risk. hope that helped

I need a mortgage for self-employed less than 2 years that would avoid a down-payment and PMI.?

Q) I have good credit (over 700), some assests, and have been in the field since Sept. '05. I live in Oklahoma. Any ideas?

A) Yes, you have several options but the 80/20 combo loan is probably what you want. Contact Julie at http://www.primelendingonline.com Good luck.

self employed 1099 Gross income for a mortgage?

Q) im selfemployed. my 1099 has $44,134 on it. when i went to do my taxes and wrote off expenses, etc the tax program showed my gross at about 22,000. will mortgage lenders look at the gross on my 1099 or what i had after biz expenses?

A) Lenders won't look at either. No mortgage broker would show your tax returns to a lender. You are a stated income loan that lenders offer to self employed people to help them get into homes. At 22k, you would qualify for a 70k loan, and that is only if your average income for the last 2 years was 22k. Stated income loans are the best for you, as long as your credit is good.

Can I still Refinance If I'm Self Employed? I have an Option ARM mortgage and am afriad of rising rates!?

Q) I JUST started my own business and bought a new house and between the two I'm kinda broke. Started the business about 6 months ago and I've been moved in here now for about 12 weeks now. I keep hearing that the mortgage companies that made stated income loans are all going out of business. I got a smart choice mortgage and a line of credit thinking it would be good for the ups and downs of business, but I keep seeing on CNBC that ates are going up. Not feeling like it was too smart of a choice right now. Will I be OK? Can I refinance in a year or two or will all the mortgage companies that work with small business folks be gone by then? My credit scores were 623, 702, and 667 3 months ago

A) First of all, don't worry about your ARM going up unless you are getting close to the adjustment date. If you have a 3-year ARM and you just go it, you have 3 years to not worry. Make sure you understand the terms and dates of your ARM. If you don't, contact your mortgage company immediately and get that information. You probably won't do better than your current ARM if you refinance, although fixed rates are pretty low right now. That said, if you are close to the adjustment date, contact a trusted mortgage professional immediately. They will help you analyze the best situation to save you money. ARMS are not bad. They are useful tools and can save people a lot of money if used correctly. I can assure you, most financial professionals and investors always use ARMs. You just have understand how they work and be careful to know when they are going to adjust and by how much. Finally, I want to address your question about stated mortgages. Recently, the rules for writing stated mortgages have tightened and regulations have increased. Some companies have run into trouble and gone out of business because of too many sub-prime loans that defaulted. That said, most companies that write stated mortgages ARE NOT going out of business. They just changed the rules on how they can write them. I work for Quicken Loans and we are far from going out of business. We are growing. So, find out when your mortgage adjusts and plan to take action when appropriate. Get in touch with your mortgage company and make sure you are in the best possible situation. I wouldn't worry too much. Make sure you make all your payments and keep your credit from dropping and you should have no problems refinancing when you need to. Good luck.

If not 80/20, what's the best type of mortgage for someone that has been self-employed for under one year.

A) IF YOU ARE BARROWING 100% 80/20 GET THE LOAN DONE THEN WAIT 6 MONTHS THEN GET IT APPRAISE HIGHER,THEN REFI TO GET A LOWER LTV(LOAN TO VALUE)5- 10% HIGHER. THEN YOUR RATE WILL BE LOWER AND YOU WILL BE IN ONE LOAN.

How do you prove to the bank that you are self employed in order to get a loan or mortgage ?

A) The more accurate way to prove that you are self-employed is to have at least 2 years of federal tax returns available for your loan officer at the bank. The only problem with the tax returns is that you don't want to pay an enormous amount of taxes so you have your CPA deduct everything possible thus appearing as if you do not earn that a tremendous amount of money. A sharp smart loan officer will know there are certain things that can be added back to the borrower off his income tax, like insurance and a few other things. If you are in business for yourself you would also have a city business license from the city in which you are working, even if you are working from home, most cities require you to have a business license. Where most self-employed individuals error is in the banking department. You mingle your business funds with your personal account, therefore it becomes difficult to prove what funds were generated from business and what were generated from another source. So even if you submit bank statements it is still confusing to the banker. If you fail to get a loan from your bank go to a mortgage "Broker" he can get you a very good loan and use alternative documentation for proof of self-employment. The price will be very nominal if anything at all. I hope this has been of some use to you, Good luck. "FIGHT ON"

I am self employed, how does this effect my first time buyers mortgage?

Q) Do they require a certain amount of time the business be running before we can qualify and do they use previous years income as a guide? The business has been open for 6 months.

A) You indicated you had been in business for only six months, this might be a little difficult if you are in a different business than the one you left. Say you were a plumber and you started your own plumbing business you are pretty much OK. In answer to your question normally lenders want to see you in the same line of work for the past two years even if it has not been with the same employer. The same applies to owning a business, they like to see that it has been open for a little longer than 6 months and backed up by a P&L as well as income tax statements. If you have contract for future jobs this might work, say you are currently working on a contract that guarantee, that might work, but again doubtful. There are some stated income loans available that you might or could be qualified for. I would check with a mortgage broker, complete a loan application and get my credit score to see what loan programs I was qualified for. If you have high enough score then there is hope. Look in your local telephone book to find a mortgage broker. When setting this apointment, they will tell you what you need to have available for them to see. I hope this has been of some use to you, good luck. "FIGHT ON"