Are you self employed and wondering if you can get a mortgage to purchase a Beacon Hill condo for sale? 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.

When getting approved for 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

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.

Beacon Hill Mortgage Lenders

Mortgage Lenders look at the occupancy of the Beacon Hill condo with owner-occupied properties being the lowest risk and secure the most competitive interest rates. Second homes are considered more of a risk, while rental properties carry the highest risk for lenders, and come with the highest interest rates.

Single-Family Home vs. Beacon Hill Condo

Looking into buying a Home vs. a Beacon Hill Condo? This also plays a role in financing your future purchase. Single family homes are the least risky while Beacon  Hill condo’s carry a risk due to the homeowners association’s financial health. When purchasing 2-4 unit properties these become even more risky to lenders, with the exception of you living in one unit and renting the others. Downtown San DiegoLofts and Condos also have the factors of building litigation which causes other financing issues. When purchasing a Beacon Hill condo with litigation you need to have at least 20% or more of a down payment.

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.

Question & Answers Regarding Beacon Hill Condo For Sale

Beacon Hill Condos For Sale

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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