If you want a mortgage, you need to play by the lender’s rules. There’s an old saying called the Golden Rule he who has the money makes the rules. When it comes to getting mortgage loan financing you need to be prepared to show supporting income documentation and have your ducks lined up. Here is what you should know…

You don’t have a two-year work history

Maybe you just came to the United States and you’ve only been here for less than a year. You need to be able to show that you’ve been filing US  tax returns and working in the United States for 24 months. All mortgage loans require a two-year work history.  This is something to keep in the back of your mind when Documenting work history with a mortgage company.

You’re not filing tax returns

Be responsible. If you’re legally required to file tax returns. Do so, especially if you’re self-employed. If you’re self-employed, you need to file tax returns.  End of story. If you’re not you’re going to have a tough time getting a loan and the only loan that is available is a bank statement product  which oftentimes requires 20% down with minimum credit score of 720. So be sure to do your research. If that situation pertains to you. The best rule of thumb is to file your tax returns pay the taxes and show the income.

The credit is really bad

Bad credit is not necessarily an automatic deal-killer, but it is if you don’t have at least a 3.5% down payment, and a stable job history not always, but in many occurrences when there is a bad credit type situation, it’s not just bad credit, there are other things involved beyond the bad credit which can make things very shaky in the eyes of the lender. In other words, if your credit is not good to say under 620, not good, make sure your income is strong and your debts low in relation to a proposed mortgage payment.

If you’re looking for a mortgage or need some guidance, you should speak with a lender that understands unique scenarios and it’s willing to be creative so long as the creativity is in alignment with today’s mortgage lending guidelines.

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