Guide To Getting A Boston Condo Mortgage For Self-employed Boston Condos For Sale Ford Realty

Boston condos for the self-employed

Are you self employed and wondering if you can get a mortgage to purchase a Boston condo? According to a recent Zillow study conducted the self-employed receive significantly fewer purchase loan quotes even though they make roughly 80% more money than other prospective borrowers. One major factor contributing to the struggles of the self-employed getting a mortgage is their credit score being below 680. Do not let your credit score get you down as a self-employed individual as this is only one piece of the mortgage process. Make sure that you have a great presentation to deliver to your lender so they have something to leverage other than that lower credit score.

Boston condo approval

When getting approved for Boston condo loans lenders look at eight items for a successful mortgage with specific rules pertaining to what they will accept and what they will not accept. If you get a good grasp on these eight items and work with your loan representative to present yourself in a way that makes you shine it will make the process a little less frightening. Here are some details on the eight items loan representatives are most interested in looking at: Credit Score, Occupancy, Property Type, Loan Product, Loan Amount, Loan to Value Ratio, Debt to Income Ratio, and Reserves after you Close.

Credit scores higher than 740

Credit scores higher than 740 will be eligible for all loan programs and the most competitive interest rates. Credit scores in the 700-740 with be eligible for most loan programs, but with slightly higher interest rates. Credit scores lower than 700 will limit some loan options and interest rates will be higher. One question to ask your mortgage representative is whether or not there are credit score exceptions if the other 7 factors strongly support your financial affordability.

Conclusion

Ultimately, you will want to create the best presentation of your financial situation in order to begin the process of purchasing property as a self-employed individual. Make sure you do your research and pick a lender who specializes in this area.