Are you self-employed looking to buy a Boston North End condo for sale?
Looking to buy a Boston condo for sale in the Boston North End? Here is what you need to know…..
Boston self-employed minimum of two years
If you’re looking to buy a Boston condo for sale in the North End, you will be asked to provide one or more of the following…any name
- A business company name with corporate of DBA tax returns
- Your business company address and website address
- A letter from your accountant verifying that you have been in business for at least two years.
If you have a co-borrower who is a W2 wage earner, that person will need to fully document his or her income.
Minimum Credit Score Requirement
Credit scores play a major role in all types of loans including conventional and government mortgages for a Boston North End condos for sale. They often will help determine what your rate will be, what the down payment will be and often whether you qualify at all for the mortgage.
A good loan officer will have a feel for this during your initial discussions. For bank statement loans, some lenders will accept scores in the low to mid 500’s but that may also impact your rate and down payment.
Down Payment Requirement for the Boston North End condo
Each lender may vary but bank statement loans will typically require anywhere from 10%-20% down. Compensating factors such as high credit scores and large average monthly bank statement deposits could result in a lower down payment for you. Gift funds from a relative may also be permitted.
Assets need to be fully verified. The more assets you have, the stronger your application will be making it easier to get an approval. Assets to be verified include bank statements, 401k and other retirement accounts, stocks or brokerage account statements, real estate owned and any other significant assets.
Bank Statement and Deposit Requirements
Bank statement mortgage lenders will ask for a minimum of 12 months and up to 24 months bank statements. They will total of the deposits for that time frame and will then will divide by 12 or 24 to get an average. They use 100% of the personal bank statement deposits and 50-75% of the business bank statement deposits.
- Business Bank Account – 12 months deposits
- Personal Bank Account – 12 month’s deposits
Boston North End condos for sale
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