Monday, August 29, 2011

When Income Is Freelance

Financing the purchase of a new apt or home has become increasing challenging and it's imperative to work with a mortgage professional who can get you results with the least amount of headache and time. I always advise my buyers to speak with a minimum of 2-3 mortgage brokers from different banks, because rates and programs can vary widely.

With lower down payment requirements, FHA loans have helped many buyers secure housing loans who otherwise wouldn't have qualified. Despite these loans, buyers still had to show a solid income history, a high credit score as well as supporting documents.

The article below touches on a huge segment of the population whose round peg doesn't fit into the square box. However all hope is not lost! Ironically, This article speaks to real estate professionals such as myself who earn income on commissions only.

WITH the job market still soft, many people have turned to contract or freelance work to pay the bills, which increases the challenges involved in qualifying for a home mortgage.

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