Home Buying in Brooklyn>Question Details

Carol, Home Buyer in 11217

What advice do you give for self-employed home buyers in Brooklyn?

Asked by Carol, 11217 Mon Sep 3, 2007

What advice do you give for self-employed home buyers in NYC? I've seen info online for self-employed and freelancers but I know that NYC is such a different market. I would like to buy soon and although I have a decent income that has been steadily rising, I think my income (after expenses) from my Schedule C is too low. What advice do you give to help my chances of securing a mortgage if I think my income is too low. I do plan to set a meeting with a bank and possibly a broker within a month or so.

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It's good that you're speaking directly to a lender as well as speaking with a broker. I've interviewed a few lenders for my personal networking group and have been surprised with some of their differences and niches; I would also investigate whether there are any special loans for first-time homebuyers or look for property that restricts the income (i.e. can't purchase if earn income is more than x per year) of the buyer. I know of a couple. Also, take a good look at your assets and debts. Is there anyway to minimize your expenses and debts? Lastly, be realisic in your home-buying goals and purchase what you can afford. You may also want to consider getting a guarantor on your loan. I second Melissa's advice in not waiting too long. Contact me if you need some referrals to local lenders.
1 vote Thank Flag Link Thu Sep 6, 2007
Hi Carol,

My advice would be to not wait a month or so. I would get on this as soon as possible. Everyday, the mortgage industry is seizing their sub-prime loans, and this would be considered just that. When in your situation as I am, being a self employed individual, you would probably need a “no-doc” loan, one which is issued based on no income verification.
Web Reference: http://MelissaBMancini.com
1 vote Thank Flag Link Tue Sep 4, 2007
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