![]() Tuesday’s housing starts report clearly shows that homebuilders are going to be done with single-family construction until mortgage rates fall. If you have questions about mortgages for self-employed individuals, please ask using the form below. We will get you approved and close quickly without unexpected surprises. Next Steps If you are self-employed and need a mortgage, call us now a (727) 784-5555. When you have a great team, you will get the best terms at the best rate for your circumstances. This is why you need a team of experts to help you throughout the process. If you are self-employed, getting a mortgage can be a little more tricky than your typical W2 employee. The government is backed up, and it can take some time to execute a request. DDA Mortgage can help you through this process however, you will need to get the transcripts. Transcripts You will also have to get transcripts from the government. It is just part of the due diligence of the lender. Get Ready For A Letter Request The best way for lenders to answer these questions is by requesting a letter from your CPA. What percent of the business do you own? Are you taking draws that adversely affect the business? How reliable is the income from the business? Is the business seasonal? High-risk? or Established? Your mortgage broker can ask some questions about your circumstances and help you determine your price range. It's not easy being self-employed when it comes to mortgages because so many things come into play. Let them crunch your income and debts to determine how much you can borrow. How Much Money Can You Borrow For Your Home? The first thing is finding out if you qualify for a loan in the first place. Here are some things to know that can make the process easier for you. But you can get approved if you are committed to buying a home. Yes, the process is different than if you had a conventional job and may require different documentation. If you are self-employed, getting a mortgage can be stressful. If you would like to speak to a Mortgage advisor, give us a call (727) 784-5555. The lesson to be learned from this is you need a mortgage broker! Mortgage brokers can help navigate any lending problems and have access to multiple lenders, multiple products, and lots of options to ensure you get the best terms at the best rate. One thing we can expect going forward is potentially tighter credit standards for Non-QM loans as well as higher interest rates which will make it tougher for anyone who wants to buy investment properties (not only non-QM). Unfortunately, we don't have a crystal ball, so this is all yet to be seen. In fact, it's entirely possible that prices will stabilize and continue to rise slightly unlike in 2008 when there was a sharp decline that incentivized homeowners to walk away from their mortgages. The housing market in 2022 is also much more stable than it was in 2008. The subprime market is not as big, and the regulations put in place after 2008 have made it more difficult for people to overextend themselves when buying a home. The demand in the housing market is coming from more homebuyers and fewer investors than it did in 2008 according to Investorplace. Securities, lender competition, undercapitalized lenders, and over-leveraged companies were just a few things that led to the 2008 collapse however, 2022 is different. We don't know the answers to these questions yet, but we do know this closing is significant because of what we experienced in 2008. ![]()
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