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Borrowing in Today’s Market

Among its many aftershocks, the financial meltdown of 2008 resulted in a tightening of credit standards for every potential borrower. As such, would-be buyers who wish to finance their purchases must now be prepared to submit full documentation – verifying their income stability and assets – before taking advantage of some of the lowest mortgage interest rates in recorded history.

The basics that every borrower should know are these:

  1. You must have established credit with a minimum FICO score to meet the type of loan you are requesting.
  2. You must have down payment funds in a liquid account ready to be documented at the point of loan submission.
  3. You must have enough income to support a debt-to-income ratio of approximately 38%. Some loan types may allow a higher ratio, while others may limit it to 35%.
  4. ALWAYS get pre-approved for a loan BEFORE you begin your property search.

Home Loans for the Self-Employed

In dealing with this new set of lending criteria, self-employed borrowers are likely to notice even greater scrutiny during the application process. This is not unusual since many entrepreneurial individuals, though well-compensated, often do not receive regularly timed paychecks like traditionally employed applicants. But this is no reason to expect rejection. Being self-employed will not always prevent you from enjoying the cost-saving benefits of our recovering housing market for want of a loan.

Home loans are being made every day to self-employed individuals throughout Central and Southwest Florida, which has a long and storied history of attracting successful entrepreneurs, artists, writers, freelancers and independent contractors of all types. Lenders are simply exercising an abundance of caution with respect to disbursing future loans. Like other borrowers, self-employed home buyers must prove they are reasonably secure in their professions and can comfortably handle their monthly payment obligations.

Let Bill Perin Represent You!

Hire an expert to represent you when making such an important purchase….contact Bill Perin today at (941) 356-8947.