Congratulations for living your dream and doing what you want to do professionally!
I would recommend talking to one or two local portfolio lenders, who are going to be more flexible with their loan underwriting guidelines than large Fannie Mae based lenders. There are others, but two local portfolio banks that I have worked with in the past are Cambridge Trust, at 617-876-5500, and East Cambridge Savings Bank, at 1.866.354.3272. While I would not want this answer to be construed as a personal endorsement of these banks, they do both know the Cambridge market, and are familiar with non-traditional mortgage lending. My guess is, you will have better results with local portfolio lenders than with the big national banks. Typically, these banks work on loan ratios of anything from 60% to 75%, meaning that you might wind up looking at properties in the $250,000 to $340,000 range. Fortunately, with some patience and diligence, you can find something nice in this range! Hope that helps!
There really is not answer to this question as ther are tons of variables to look at. I think the first step in any home search option is to speak with a mortgage professional that you trust. This will give you an solid understanding of your lending options and the price bracket that you will focus your home search around. There are several options in structuring a mortgage and a good consultant can help you make the proper financial decision. Once you have your target price identified I would recomend that you work with a LOCAL Realtor in the selected town. There is a huge difference between working with a real estate agent and a Realtor .
Please let me know how I can help .... I am here if you have questions.
A mortgage broker can work with you and assess your buying situation. In your case they will review a few years worth of tax records. I have a Massachusetts contact for you if you want to contact me. It also depends what you are looking to buy, how many bedrooms, condo/single family etc. I often work with artists, writers and performers in the same boat so I'd be happy to talk.
Contact a local lender and they will be able to calculate what you qualify for. Ask for a pre-qualification/pre-approval letter from them. Sellers like to see these when your Realtor submits your offer on a property - this lets them know you are able to purchase their property.
Bottom line any lender will be attributing some sort of monthly income to you based on a couple of years of income from your tax return.
With that said, it is hard to know what mortgage amount you could be approved for to purchase a home.
That's a very good question. Please give me a call at 781-526-8666. I can put you right in touch with someone
who can let you know this in a matter of minutes. Or email me at firstname.lastname@example.org.
I service the Middlesex area and would love to help you find the perfect home.
you should be able to get a loan with 25% or 30% down payment. You should contact a lender, they have different programs. Also it is important if your income is self employed or W2s. So to answer your question 3-5 times of your down payment.