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
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