Since you are Self Employed, the amount of income vs deductions on the tax return will weigh heavily on your qualifacations. For a Conventional mortgage, Fannie Mae/Freddie Mac will require 2 years of tax returns.
Getting Pre-Qualified prior to beginning the home search is critical. To do this, you would need to submit a Pre-Qualification request along with your financial documentation. The following documentation will be needed:
â€¢ Two most recent years of Wâ€™2â€™s/income 1099â€™s (if applicable)
â€¢ Two most recent years of Federal Income Tax returns
â€¢ Two most recent pay stubs (if applicable)
â€¢ Two most recent months of bank statements (all pages)
A loan officer who does not ask for and properly reviews all of the above documentation is doing no service to you and may not be very experienced. Experienced loan officers know that many issues come to light only once the actual documentation has been reviewed.
A Pre-Qualification is valid for 90 days from the date that the credit report has been pulled. At the time of closing, most documents (i.e. credit report, income/asset documentation, appraisal, etc.). Should anything be older than 90 days, an update will be required. For credit, this is simply the loan officer obtaining a new credit report.
As one of the largest direct lenders in the country, Prospect Mortgage offers one of the largest selections of loan programs available. In addition to the standard conventional, FHA, VA, USDA, and Jumbo, we also offer a wide range on Renovation loan programs. Our Renovation programs include FHA 203(k) (Streamline & Consultant), HomePath Renovation, and HomeStyle Renovation. In addition, we also have an FHA 580-639 FICO program for borrower with previous credit issues.
If you are looking to purchase a property, working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com to get started.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing.
You seem to be real popular with all the responses.
You can get what is called a "portfolio loan". Many lenders will provide this and you can get very good interest rates.
Some lenders may want you to make a large deposit $100k+ with their bank in order to facilitate this type of transaction.
When shopping for a mortgage, ask for a range of terms up front before you have the loan officer pull your credit. Many bad loan officers out there care more about themselves than the client.
I am with Keller Williams but I have a team of lenders that I personally work with that could assist you with a 50% mortgage.
If you are not already working with an agent and would like my help, please give me call at the number below:
30 year fixed for the loan amount you suggested is currently about 4.0%
We're one of the oldest licensed lenders (not brokers) in the state....and I've been in the business over 40 years helping people just like yourself in several states.
Capital City Mortgage Investments
GA LENDER # 7064
NMLS # 164510
Fred Yancy, Broker
Harry Norman, Realtors
Desired Loan Spec
1. Loan Amount
3. Lender Fees
4. Closing Period
What documents do you have
4. Credit History
5. Documents ( Tax return, bank statement, contracts, business financial statements, bank statements for the business and yourself)
Please let me know what you have that i may send you the best lenders based on your scenarios. I have a list of lenders.
Please contact me if you would like the assistance.
Access Community Realty
Sherry E. Bailey
You don't have to put that much money down if you qualify on everything else. The bank will look at your credit, assets (which you seem to have) and debt to income ratios. You'll need 2 years tax returns showing self employment.
Not even private money which has no regard to credit and income requires that much down. As a financial planner, it worries me to see people throw so much money into a real estate transaction. Figure that for every $10,000 down, you save $50 a month on your mortgage payment. For every $100,000 down you save $500 a month.
However, putting $100,000 into an Indexed product, currently at 7.2% would double your money in 10 years and doubling again 10 years later and again 10 years after that. In 30 years, you will have saved close to $800,000! Meanwhile, your Real Estate would grow at a national average of 3% giving you $200,000 worth of equity in 24 years.
I know of 2 former Real Estate millionaires living in an apartment complex because they "invested" all their money in Real Estate. Don't make their mistake.
Gregory J. Peters
Sales Manager | Evolve Bank & Trust
11605 Haynes Bridge Road Suite 125| Alpharetta, GA 30009
770-255-3835 | fax 678-387-1435 | cell 770-864-7926
Apply online! http://www.gregoryjpeters.com/
LoanSouth Mortgage, Wholly owned subsidiary of BankSouth
990 Hammond Drive
Atlanta GA 30328
Keller Williams Realty First Atlanta