Freelance-friendly mortage lenders
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- monNom0
My advice would be to make sure you've got a solid percentage saved (20-30%) but do not put that all as your down payment, leave a large chunk to buffer in case of accident/injury/inability to work. If you don't have that much saved, it's probably to soon for you to buy. It's all about smoothing out your cashflow and having some contingency funds.
- breadlegz0
Sorry to be the bearer of bad new but it's really really hard to get a mortgage at the moment without solid high income. However, if you can prove that you've had a good few years then it'll be easier.
- d_rek0
The only thing the bank cares about is showing you have steady, month-to-month income. Obviously, full-time employment with a company provides an easy to follow history of paycheck deposits into your bank account. Freelance is probably a little trickier proving that you have steady income on a month-to-month basis. IIRC, the bank is going to look at your last 24 months of financial history and last two months of income.
- fyoucher10
I didn't have any issues. You're "self-employed", not freelance is what you should say. Then you'll need to prove your income for the last few years.
- zaq0
- wordsarepictures0
Thanks for the thoughts folks, I'm a way off I think, just testing the waters. Seems it's going to be tricky for sure but I'll see what I have saved at the end of the year. C
- Still doesn't hurt to make an appointment or two with lenders to get their take and advice.ETM
- hans_glib0
my sister is a mortgage adviser based in Denver if that's any help
- Maybe? Just looking for advice similar tot he above really!
wordsarepictures
- Maybe? Just looking for advice similar tot he above really!
- ETM0
You applying yourself or with a co-signer? If your co-signer is "traditionally employed" it helps a lot.
From knowing a self-employed friend in the U.S. looking for a mortgage now, it helps to have a 720-750 or higher credit rating, 30% down and 3 years of validated income (i.e. from IRS). From what I understand, if you were to say made $100k two years ago, then $50k last year, they basically average you out to a $75k wage, even if you are on track for $100k again this year.
Sorry, not specific to providing an actual institution...
- Helpful though, thank you!
wordsarepictures - You can get one with less down, but you may not get the nice interest rates, which can hurt in the long run.ETM
- Helpful though, thank you!
- yurimon0
you have parents to co sign a loan? also depends on money down.
more you put down in some cases depending on lender the better ods of getting loan for the remainder. also depends on type of property.
some lenders look at couple years income to see how you are doing over all for stability.
- wordsarepictures0
I almost wrote 'if the first response on here is a GIF I'm fucking giving up on this site'.
- wordsarepictures
OK, it's boring I know... Sorry.
I understand that a lot of lenders make it very difficult to get a home loan when your income is unstable/based on freelance work. I just wondered if anyone on here had recently had a positive experience with any particular institution? Perhaps a lender that was slightly more sympathetic to those of us without a fixed monthly income.
Any suggestions gratefully received.