Florida Mortgage Brokers

04/16/2012 08:30

I am self-employed. Would I have a problem proving my income and being qualified to take a loan? Not necessarily, especially if you remit your taxes correctly and keep tabs on your earnings. If you manage your own business, simply submit documents reflecting your business income and proof of both your personal and business credit history to secure a mortgage loan. You have to have been self-employed for two years already before you become eligible.Q: What documents could help me qualify for a mortgage credit?Your rent and your bank statements are two of the most powerful proofs that you have regular income.  A lot of lenders will look at your rent history and consider this as a behavioral pattern for paying. So if you are a good payer, they will have more confidence in securing your mortgage.Q: What is a government loan? Should I apply for one?It is easier to qualify for government loans because you can be approved even if you do not yet have a credit history.  Bad credit history, however, could lessen your eligibility.  The two types of government loans available are the Federal Housing Administration (FHA) mortgage and Veterans Administration (VA) mortgage.Q: If I am made ineligible for an FHA loan, are there other options for me?Yes. There are numerous programs out there that could best suit your situation.  You can seek the help of a mortgage broker to point you to the right direction.Q:  How can I be sure that my mortgage broker has my best interests in mind?Make sure all the details are covered and that your broker clearly explains to you everything about the mortgage program you have chosen. Your broker should be available at all times and will communicate to you all matters regarding your mortgage as it progresses.Q:  What are the requirements for getting a mortgage?   Details at Florida Mortgage Broke