RE: [OT] Finance question for self-employed people
Even when I was making very good money, I typically had to buy my house loans.. They want 5 years of history so that they can make sure you are capable of sustaining the payments.. Virgil Bierschwale http://www.bierschwalesolutions.com -Original Message- From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED] On Behalf Of MB Software Solutions Sent: Tuesday, January 30, 2007 8:34 PM To: Profox Subject: [OT] Finance question for self-employed people I get the impression that if you're self-employed, you've got slim to no chance of getting a mortguage unless you've got tons of money in the bank. Can you other independents give me your 2 cents on that? tia! --Mike -- Michael J. Babcock, MCP MB Software Solutions, LLC http://mbsoftwaresolutions.com http://fabmate.com "Work smarter, not harder, with MBSS custom software solutions!" [excessive quoting removed by server] ___ Post Messages to: ProFox@leafe.com Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
Re: [OT] Finance question for self-employed people
You can if you have tax returns for 3 years and you prove that you are making an income. If your business is showing very little income because of high deductions, I'm not sure how they would handle it. Surely having a large down payment is going to help. --- MB Software Solutions <[EMAIL PROTECTED]> wrote: > I get the impression that if you're self-employed, > you've got slim to no > chance of getting a mortguage unless you've got tons > of money in the > bank. Can you other independents give me your 2 > cents on that? > > tia! > --Mike > > > > > -- > Michael J. Babcock, MCP > MB Software Solutions, LLC > http://mbsoftwaresolutions.com > http://fabmate.com > "Work smarter, not harder, with MBSS custom software > solutions!" > > > > ___ > Post Messages to: ProFox@leafe.com > Subscription Maintenance: > http://leafe.com/mailman/listinfo/profox > OT-free version of this list: > http://leafe.com/mailman/listinfo/profoxtech > ** All postings, unless explicitly stated otherwise, > are the opinions of the author, and do not > constitute legal or medical advice. This statement > is added to the messages for those lawyers who are > too stupid to see the obvious. > ___ Post Messages to: ProFox@leafe.com Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
Re: [OT] Finance question for self-employed people
MB Software Solutions wrote: > I get the impression that if you're self-employed, you've got slim to no > chance of getting a mortguage unless you've got tons of money in the > bank. Can you other independents give me your 2 cents on that? > We didn't have a lot of problem. We had to show 3 years of tax returns, and we had also built up a 10K downpayment. ___ Post Messages to: ProFox@leafe.com Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
Re: [OT] Finance question for self-employed people
On Jan 30, 2007, at 9:33 PM, MB Software Solutions wrote: > I get the impression that if you're self-employed, you've got slim > to no > chance of getting a mortguage unless you've got tons of money in the > bank. Can you other independents give me your 2 cents on that? There are two ways: a no-doc loan, and an extensive documentation loan. The no-doc loan usually requires a substantial equity in the house; usually around 25%. This way if you default, the banks are pretty confident that they can get back their money. The other loans don't require as big a down payment, but you have to produce tax returns for the past 5-7 years that show a relatively consistent earning power. With lower %down loans, you'll most likely have to pay mortgage insurance, too. -- Ed Leafe -- http://leafe.com -- http://dabodev.com ___ Post Messages to: ProFox@leafe.com Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
