Boston condos for the self-employed

Are you self employed and wondering if you can get a mortgage to purchase a Boston condo? According to a recent Zillow study conducted the self-employed receive significantly fewer purchase loan quotes even though they make roughly 80% more money than other prospective borrowers. One major factor contributing to the struggles of the self-employed getting a mortgage is their credit score being below 680. Do not let your credit score get you down as a self-employed individual as this is only one piece of the mortgage process. Make sure that you have a great presentation to deliver to your lender so they have something to leverage other than that lower credit score.

Boston condo approval

When getting approved for Boston condo loans lenders look at eight items for a successful mortgage with specific rules pertaining to what they will accept and what they will not accept. If you get a good grasp on these eight items and work with your loan representative to present yourself in a way that makes you shine it will make the process a little less frightening. Here are some details on the eight items loan representatives are most interested in looking at: Credit Score, Occupancy, Property Type, Loan Product, Loan Amount, Loan to Value Ratio, Debt to Income Ratio, and Reserves after you Close.

Credit scores higher than 740

  1. Credit scores higher than 740 will be eligible for all loan programs and the most competitive interest rates. Credit scores in the 700-740 with be eligible for most loan programs, but with slightly higher interest rates. Credit scores lower than 700 will limit some loan options and interest rates will be higher. One question to ask your mortgage representative is whether or not there are credit score exceptions if the other 7 factors strongly support your financial affordability.

Conclusion

Ultimately, you will want to create the best presentation of your financial situation in order to begin the process of purchasing property as a self-employed individual. Make sure you do your research and pick a lender who specializes in this area.

Boston Condos for Sale Near Downtown Boston

Back Bay Boston condos for sale 
Beacon Hill  Boston condos for sale
Charlestown Boston condos for sale
Navy Yard Charlestown  Boston condos
Dorchester Boston condos for sale
Fenway  Boston condos for sale
Jamaica Plain Boston condos for sale
Leather District Boston condos for sale
Midtown/Downtown  Boston condos for sale
Seaport District Boston condos for sale
South Boston condos for sale
South End Boston condos for sale 
Waterfront condos for sale 
North End condos for sale
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Boston condos for sale near Downtown/Midtown Boston

Back Bay Boston condos 
Beacon Hill  Boston condos
Charlestown Boston condos
Navy Yard Charlestown  Boston condos
Dorchester Boston condos
Fenway  Boston condos
Jamaica Plain Boston condos
Leather District Boston condos
Midtown  Boston condos
Seaport District Boston condos
South Boston new condos
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Waterfront new condos 
North End  new condos 
West End new condos
East Boston condos

Condos around the Midtown area to rent:

Back Bay area condos for rent
Beacon Hill area condos for rent
Charlestown area condos for rent
Navy Yard Charlestown area condos for rent
Dorchester area condos for rent
Fenway area condos for rent
Jamaica Plain area condos for rent
Leather District area condos for rent
Midtown area condos for rent
Seaport District area condos for rent
South Boston area condos for rent
South End area condos for rent
Waterfront area condos for rent
North End area condos for rent
West End area condos for rent
East Boston area condos for rent

 

Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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