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Author: brian261 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127807  
Subject: Self employed mortages Date: 7/18/2000 10:44 PM
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Any word on self employed mortgage brokers, any I have tried have not approved uor request and we hope to put down 40% or better, I posted a lengthly version of this question earlier today and was requeted to post here. Not first time home, wifes project after money from Papas passing. Suggestions on short term owning for profit purposes,of course need approval, or maybe not putting down as much so as to make other short or long term invetments. At least a good self-employed mortgage broker.
Thanks
B
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Author: Balboa34 One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 12740 of 127807
Subject: Re: Self employed mortages Date: 7/19/2000 9:46 AM
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Brian,
In the other post you refer to, you mention your plan to move up North for a job opportunity. If this is true, it probably is not a good time to buy a home. (better to rent while you get a feel for the new area)

It sounds like your credit history is the main problem. Do you have a recent copy of your credit report? If not, it would be a good idea to get one so you can see if all the information is correct. My suggestion is to invest the inheritance money in something you feel comfortable with while you work on cleaning up your credit. Also if you have any credit card debt or car loans, I would pay those off.

Being self employed is not that big a deal. You just need 2 years tax returns to show your income. In general, with a large downpayment it is easier to get a loan. However, you still need to show sufficient income to qualify for the loan you will be taking on. If you have a bad credit history you will most likely only be able to find an expensive subprime loan or a "hard money" loan. It would be better to wait, get your personal finances in good order then look at buying a home.

For self employed people with good credit, there is a loan called a "low doc" or "EZ doc". This means less documentation is needed. If your credit is good enough you don't have to "prove" your income for example.

Hope this helps...



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