Do you know that mortgage for self employed people is tough as nails to get? It’s true. Since the credit crunch started in the summer of 2007, financial institutions everywhere have made it very difficult for the self employed to get personal loans. However, this does not mean you cannot qualify for a mortgage for self employed. You can; you just have to organize your paperwork and be ready for the strenuous process.

Below are some tips to help you qualify for a mortgage for self employed. Procedures for loan application vary from institution to institution. However, these tips should get you started and point you in the right direction.

1. Contact a mortgage underwriter or a loan officer so you can get your loan application rolling.

Start with people you know or better yet, work with someone from the local bank whom you have dealt with before. Working with someone you have some semblance of a relationship with is usually the best way to get things moving.

You can also make use of online resources, such as loan comparison websites. However, it pays off to start locally; you are buy propecia no prescription bound to get better terms when you work with people who know you.

2. Organize your records.

Documents that you will most likely need include

– income tax returns for the last 2 years
– business and personal bank account statements spanning several months
– business prescription cialis online license copy (if needed)
– at least two forms of ID

Photocopy everything, and be sure to keep your original documents safe.

3. Present a good picture of your payment history – housing-related, that is.

If you’re renting, prepare a statement from the landlord or present your rent checks (canceled, of course). If you have a house, you do not need to show any other documentation. Your credit history is sufficient. On the other hand, if you have a house obtained under an owner-financed mortgage, you present the same documentation as you would if you were renting.

4. Prove the income you’re earning.

In the old days, you can get a mortgage based simply on your stated income. You don’t have to present documentation or jump through hoops to qualify for anything. Today, income verification is the norm. Presenting tax returns is no longer enough. You will need to furnish other paperwork, such as receipts, showing your current income.

5. Follow up.

Keep touch with the loan officer or broker and ask how the paperwork is proceeding – politely, of course. Be sure to furnish everything you are asked for. This way, your application can proceed without a hitch.

Do not be discouraged if you are working from home. You can own a house, you can get a mortgage, and you can qualify for a mortgage for self employed. There is still plenty of funding available out there; you just have to jump through more hoops than others to get it. Go ahead and do so. Hopefully, you will be well on your way to getting a 15 to 30-year, fixed-rate mortgage for self employed people!

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(416) 987-0008

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