There's no question that it could be more difficult for you to get a mortgage loan if you are a free lance viola player than if you are a government accountant. Traditionally, lenders have been more cautious when evaluating loan applications of buyers who are self-employed than people who work for a regular salary.
However, if you are self-employed, there is no reason for you to shy away from applying for a home mortgage loan, especially if your earnings have been in the same field for at least two years. It is a good idea to meet with one or more loan officers before you begin your search. They will probably want to analyze your tax returns for the past 2 or 3 years, keeping in mind that many self employed people can look impoverished on paper, since you can write off some expenses that salaried individuals can not. Try to get pre-approval from the lender, and ask for a letter stating that you have pre-qualified for a loan which your real estate agent can attach to any offer you submit on a home. This will make you more attractive to the sellers.
Wayne Lyons Long & Foster 33298 S. Coastal Hwy Bethany Beach DE 19930 800-844-9151 302-539-9040 ext. 222 Fax: 302-539-2185 bethany-beach-homes@NUMBER1EXPERT.com
Wayne Lyons will tell you Bethany Beach, Fenwick Island, and the surrounding communties offer the best in life for those looking to make the most of coastal living. It is this love for home that has propelled Wayne to the forefront of his career as one of the area's most trusted real estate professionals. Few things bring him greater fulfillment than connecting others with the exceptional lifestyle here. Whether you are looking to buy or sell, give Wayne Lyons a call today.
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