Any chance of a mortgage?

TheSaint · Joined: 29 Aug 2009 Posts: 1

Are there any mortgages available out there for someone who cannot prove their income?

I'm self employed, but use to be part time until recently. I was a property manager prior to that but got laid off (which is a good thing for my income since i make more being self employed).

A good size downpayment should not be a problem, 20%, 30%, maybe even 50%.

My credit is about 680 and my wife is similar to mine.

Are there products out there for me, and what kind of rate could i expect?

Roger_Silvester · Joined: 29 Jun 2009 Posts: 51

To apply for a mortgage as a self employed person, you should present your finances in a tidy way.

Get your bank statements together. Demonstrate any pension payments and past mortgage payments.

Do your preparation carefully because if you are turned down the next lender you apply to will see this and may turn you down automatically.

If you keep getting turned down it will go on file at the credit reference agencies and look even worse to the next lender - regardless of the exact reason you were turned down before. So work on remedying why you were failed before approaching other lenders.

You may find it's best to go through a mortgage broker. They will know which lenders will consider you and should have access to special deals. You may be surprised to find you're offered a normal interest rate and terms.

You can link you with a broker who specializes in helping the self employed

EricJ · Joined: 09 Jan 2009 Posts: 321 Location: New Jersey

Saint

There are banks that will work with your scenario. However, they all do not do business in every state. It will really depend upon where you are located.