Hello , My name is Lynne Tan, i came across your ad and i decided to place my testimony there, i was some time in search of financial assistance like this before and i tried searching for help all over the website i end up been scammed any time i contact one of all this internet fraudsters until one day i came across a long time friend who introduce me this God fearing Man and yet i was so skeptical, but i decided to give him a try, My dear , i loan the third day after applying my dear my advice to all Singaporean in need f loan should contact this lender at ahmed.mahid@yahoo.com.sg

I am a seasoned Realtor and can sugest many options please feel free to call me at 478-288-4232 or E-Mail me at jim@platterrealty.com visit our websites REBIDNOW.com and PlatterRealty.com.
Sincerely
Jim Enix

Bill,

Not sure if you ever got your mortgage questions answered. I am w/ a mortgage lender based out of Chicago. Please feel free to call me w/ any questions. Based on the brief info you provided, you should be ok.
Dan Sidenberg
561-901-4907

I have some interest in you needs, please contact me with an email and phone
Thanks,
Jim @ jmlivefinance@live.com

Hello,

My name is Helen Barnette, i am a lender as well as an Angel Investor, I am willing to give out loans at the cheapest of rates and most comfortable terms. For more information, kindly contact me with the following details:

Full Names:
Address:
Amount Needed:
Occupation:
Country of residence:

Kindly send information to my private email: helen.barnette09@gmail.com

Bill,

Your best bet is to go with the smartest guy in the room. Following this advice with respect to both the real estate professional you choose and the lender with whom you work will reap you great benefits.

One quick question - do you have a banking or financial relationship with any specific entity? If so, I urge you to pay them a visit to find out what they might bring to the table. As I believe you know, your current credit score is a bit nicked and is going to cost you. Any chips in your favor will play a role in gaining the most propitious rate.

Should your banking/financial relationship not have much weight in your favor the guys in the corner of my clients work with entities that can fund their own loans. On the one hand you have Dan Fogel @ Perl Mortgage (773.413.640). On the other hand you have Brian Weis at Guaranteed Rate (773.290.0591). What I have favored about both of these guys since meeting them is they both shoot straight. They will not lead you down a bramble path and they will tell you what will work. As a self-employed person you need a straight shooter straight away.

And with respect to your search, I urge you to select a real estate professional who can answer your questions with an ease that comes from experience.

All the best with you upcoming search for a home!

Thomas McCarey
Certified Luxury Home Marketing Specialist
Accredited Buyers Representative
@properties and The Real Estate Lounge Chicago

Bill,

Start the process of getting pre-approved now. You'll know exactly what you can spend now rather than get a surprise two months down the road. You can keep in touch with your lender as you look for a home and make revisions depending on the mortage market. It's only when you're ready to buy and have submitted an offer that you'll actually begin the formal loan application process and work towards a loan committment.

If you start viewing homes early in the new year armed with a pre-approval, it could well take you a couple of months of looking to find the right home and location. The seller may prefer a June/July close and if not you can always ask for a close to meet your timeframe. Most sellers are willing to work with such a request.

Good luck, Ken Dooley

Thanks alot for all the info everyone!

My current lease runs until July 1, but I figured the earlier I got started the better. How early does everyone think I should start to get pre-approved? I want to do it all at once because I know they have to run my credit and that will negatively impact my score.

Jeff, I've had my credit analyzed and did everything possible to raise it. Unfortunately there is no quick fix for me and its going to remain at around 660. I was late on some payments in college, and that irresponsibility is costing me now...

Anyway, thanks for the links/contact info everyone. I will be using these referrals when I get started in the process!

Bill,

You're in the same boat as a lot of 1099 employees out there- including Realtors. Rather than throw a bunch of facts and figures at you like the rest of these posts I'll simply say this. Expect to spend about $600 for $100,000 you borrow. For you that equates to $2,700 a month. You make over $10,000 a month so your debt ratio is just fine. Because of your credit score you're a perfect candidate for FHA. FHA rates are almost identical to conventional ones so no penalty there.

YOU WILL HAVE NO PROBLEM GETTING A LOAN. If you want the best lender in Chicago to handle the deal for you and make sure you're taken care of please get in touch with me. I couldn't recommend my lender any more highly!!

You can contact him through my website below.

Scott Newman http://www.newmanrealtyillinois.com
847-894-5773

Bill, I agree with the others but also will add that you need to get your credit score up to 720 (middle score).
Fannie Mae and Freddie Mac offer the best rates for conforming loans under $417,000 but will penalize you under a new sliding scale that starts at 720 or below. There are new stated products coming on the market but they have always weighed credit score heavily (since they are relying on your representations as your income).
A loan officer like me can quickly analyze your credit to see what the issue(s) are, but often there is no quick fix so you need to put a plan into place that includes notifying creditors, etc. I hope that helps a bit more.

Bill-
Stated products are essentially gone so what you are going to be looking at is going Full Doc to verify your income based on your tax returns. The lender will average the last 2 tax returns so you will be looking at around $150,000 avg annual income or $12,500/month. You need to keep your new mortgage at or below $417,000 to keep your rate in the 5's.

Your monthly debt ratio should be around 45% of your income so assuming that you don't have excessive monthly obligations, you should be okay to qualify.

If you have any questions about the qualification process, please fee free to call me.
Thanks
Luke Allison
Flagstar Bank
828-777-8828
Luke.Allison@flagstar.com

Dear Bill,

As a Realtor (and for legal and tax-filing purposes independent contractor), I was in exactly the same position as you are when my wife and I purchased a home recently.

I would call Dan Larkin at Professional Mortgage Partners at 847-277-1781 (office) or 312-952-8068 (cell). He is hands down the best mortgage professional that I can recommend to anyone (and for any situation).

In my own particular case when I was preparing to buy, I had not completed my tax returns from the previous two years. I did have W2s to show but not completed returns. I know that all cases are individual, and my wife and I both had middle credit scores above 720 at the time that we purchased. We were able to get an excellent rate with no paperwork hassles. Even as a real estate professional I was very nervous going to our closing, because I just could not believe the rate and terms that we'd gotten and I thought that there might be some last minute change. There was not.

Whatever Professional Mortgage Partners ask for up front will typically be all that you need to provide them with respect to documentation, and I would suggest getting them what they ask for when they ask for it. I can't guarantee that you'll get a rate that will astound you, but I can assure you that you will get the best service available from a lender from Dan's team.

There are some lenders that are just starting to offer stated income loans again as long as you can show assets. I know that Prospect mortgage which is a national lender is now offering this product.

Bill,

I always recommend that my clients meet with a lender to discuss their financial situation and ultimately get pre-approved so that they know exactly what their options are prior to commencing their search. I've helped many buyers in the past that are self-employed but the landscape today is different for many borrowers as you know. The media would have you believe that nobody is getting a loan and if they are it's at a high interest rate. Whilst that may be true in some instances, loans are still being made to many buyers at historically attractive rates.
A good mortgage broker will have their regular lenders but will also have additional connections (investors willing to lend where others won't) for borrowers that don't meet certain criteria in todays market. It's that very broker you need to connect with to provide you with all your options.
Feel free to email me and I'll be happy to point you in the right direction.

Thanks, Ken Dooley.

Got cut off..

Anyway, with my situation, I wanted to hear some advice. Will it be possible for me to get the loan I'm looking for? If so, can anyone point me in the right direction for a self-employed individual?

Thanks