been only self employed for a month, and can't seem to get a mortgage what are my options?

12 Answers

  • Rolsy
    Lv 7
    1 decade ago
    Best answer

    you can get a "self cert" mortgage but the repayments will be a bit higher because the interest rate will be higher than those not on a "self cert" mortgage...

  • 1 decade ago

    Typically you'd need to provide a hefty deposit & go via the no-doc route. If you are self employed a 30% deposit is usually enough to show the lenders you are a safe bet, without it they have n protection. It also depends where you are buying, some areas have real low property values & the lenders are REALLY careful now!

    Your other option seeing as you've only been self employed a short time is to get a new job & get past the mortgage app, then work on your biz..... :-(

  • ---
    Lv 5
    1 decade ago

    Hi I'm also self employed..My husband was self employed for longer then me so when we went to get a mortgage they said he had to apply since the mortgage companies prefer to have you be working on your own for over a year. There are some things they can do esp. if you have a larger down payment. If not you may have to wait 1 year or more at this point since all of the banks have tightened the reigns on who they give loans to

  • 4 years ago

    You can contact your student loan lenders and they can work out a repayment plan based on your income... that should help lower your monthly payment significantly, but then it will take longer to pay them off (and you'll pay more interest over time). Even if you file for bankruptcy, you cannot default on student loans, however if you have credit cards, car loans, or mortgages, you can default on all of those. Instead of filing out applications and submitting them (especially online) GO INTO the place of employment and talk to someone face to face. You are MUCH more likely to get a job that way. If you do this, be prepared to answer all kinds of questions, treat it as an on-the-spot interview so be prepared in the same way you would at an interview, dress up and bring your resume & cover letter with you. Make sure you can clearly describe how you would help them become more efficient and more profitable.

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  • 1 decade ago

    If you don't wait as long as possible - a year at least - you'll get taken by the lender. If you are high risk they can legitimately charge you a fortune. Thirty percent of the value gets you a status free mortguage (I believe) so maybe thats an option down the line. If you're alone, find a house share for the next eleven to seventeen months. The bigger the deposit the better. But you must find something cheap. Share with someone who works and has the same goals. Good Luck

  • 1 decade ago

    I'm a mortgage adviser and most companies require 12 months accounts before they will consider you. If you do go down the self cert mortgage path make sure you read all the small print and definitely make sure you get what's called in the business a Key facts Illustration (KFI) if you don't get one of these the company is not adhering to FSA regulation and you could get done up like the proverbial kipper! Good luck!

  • Anonymous
    1 decade ago

    Hmmm SE and looking for a mortgage. Get ready get set, bend over!

    You are a candidate for a ARM the great scam of the real estate market.

    Save money then buy foreclosures from the Gov't or a short sale.

  • 1 decade ago

    Try owner financing until you can get one. You may lease purchase or rent to own.

    Always ask the owner of the home if he will lease purchase or obtain a second mortgage.

    You can pay this off. Get an attorney. It is a lot easier to do a refinance than a first mortgage.

  • Anonymous
    1 decade ago

    You're going to have a hard time. Most lenders want to see 12-24 months of employment to consider the income. And if you're self-employed, you'll need to substantiate your income with financial records and tax returns.

  • Anonymous
    1 decade ago

    If you are self employed you will need to provide tax records

    that support your claimed income.

    The housing crunch has wiped you self impued income.

    Now you must prove it with your tax records.

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