If ever had to get a mortgage being self-employed you know how complex the process is in recent years.
Well, my strongest recommendation is to find a trusting mortgage banker who can be fully engaged in the file and have your best interests.
It’s understandable why banks are paying extra attention to self-employed folks. They are predicting your ability to make payments for next 15 or even 30 years! It’s a lot to predict! Especially when business have a tendency to go out of business or decline income.
The banks will want to know:
- How stable your business is?
- What is future outlook is?
- Are your services in demand?
- Are you relocation is your business in another area then how are you going to handle the transition etc.
Bank are usually are looking for two year business history, however, there are some exceptions. Even if you had less than two years of business history you might qualify.
Underwriter will analyze your income for last two years and if it’s declining it might be a problem. You will need to explain why it’s declining and if it’s small decline and you have a good reason why it went down, most probably it will be ok but the underwriter will use the lower income.
There are a lot of factors and calculations going into the mortgage approval for self-employed borrowers.
You need to have a trusting and experienced mortgage banker to handle your mortgage!
If you are buying in Florida, call us with all of your mortgage questions! Julia Lysenko 727.251.5089